LONDON, UK: The Apax X Fund has closed the sale of a controlling stake of portfolio company MyCase, a leading provider of cloud-based legal practice management software and payment services, to AffiniPay.
The purchase consideration for MyCase consists of cash and stock and following the transaction, the Apax Funds remain a minority shareholder in the combined business.
The transaction values AGA’s current look through investment in MyCase at approximately €22.5m1. This represents an uplift of c.48% to last Unaffected Valuations2 and an uplift of c.€7.3m (c.€0.01 per share) in the Adjusted Net Asset Value (“Adjusted NAV”) of AGA at 31 March 2022.
Founded in 2010, MyCase provides legal practice management software and integrated payments to legal professionals across small and medium-sized law firms in the US. The software covers the entire client lifecycle with leads, case management, billing/invoicing, and reporting.
Apax X acquired MyCase in 2020, carving out the business from AppFolio, a publicly traded software company. The investment thesis was to capitalise on rapidly increasing technology adoption by law firms by investing in a leading player with clear improvement opportunities in go-to-market, product expansion, M&A, and carve-out driven acceleration of the business.
Leveraging the Apax Funds’ deep experience in the software sub-sector and Apax’s Operational Excellence Practice, Apax X partnered with MyCase on several initiatives over the course of the investment period to drive value creation.
AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments (“Derived Investments”). In July 2019, AGA made a commitment of c.$450m4 to Apax X.