LONDON, UK: The Apax X Fund has signed a definitive agreement to acquire majority stakes in EveryAction, an omni-channel engagement platform for non-profits, and Social Solutions, a case management software provider of data-driven insights to non-profit and public sector customers.
Apax X announced earlier its investment in CyberGrants in June. Both transactions are expected to close in Q3 2021, subject to customary closing conditions.
Upon completion, Apax X intends to combine these two companies with CyberGrants to create a new leading provider of next-generation Software-as-a-Service (“Saas”) solutions to the social good ecosystem.
The combined company will have an enterprise value of $2bn and annual revenue of over $200m, making it the largest M&A transaction in the history of the social good software sector and the second largest and fastest-growing social good software company in the sector globally.
On a look through basis, AGA, a limited partner in Apax X, is expected to invest c. €23m in the combined company, depending on final closing arrangements.
Note that this figure relates to AGA’s look through position of Apax X’s overall investment in the combined company and is stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable.
The combined company brings together EveryAction’s omni-channel engagement platform for non-profits, used to optimise stakeholder interactions, raise more money, and build more support, with Social Solutions’ case management software that provides actionable, data-driven insights in order to help non-profit and public sector customers better coordinate the delivery of essential services, measure impact, and improve outcomes for those in need, as well as CyberGrants’ solutions for corporate social responsibility, employee engagement, and volunteer management that maximises the impact of corporate philanthropy.
The combination will allow the three companies to scale their unique offerings and improve their support for non-profit organisations. Together, their differentiated, end-to-end solutions will collectively support a unique network of 650,000 non-profit organizations, many of the most respected companies and foundations in the world including half of the Fortune 500, and over 38m donors and volunteers.