LONDON: Apax X Fund, in which AGA is a limited partner, has entered into a definitive agreement to acquire a majority stake of Herjavec Group (HG), an award-winning global Managed Security Services Provider (MSSP) and cyber operations leader.
The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions.
On a look through basis, AGA is expected to invest approximately €5.4m in the company.
Note that these figures relate to AGA’s look through position of Apax X’s overall investment in HG and are stated before taking into account any closing adjustments and translated based on the latest exchange rates available where applicable1.
Founded in 2003, Herjavec Group has been recognised as one of the world’s most innovative cybersecurity companies with the sole mission of protecting enterprises globally from evolving cyber threats.
Earning accolades from industry analysts including Gartner, Forrester, IDC and MSSP Alert, Herjavec Group has developed a reputation globally for attracting top security talent, and continuously advancing its cyber services which include Cybersecurity Advisory Services, Architecture & Implementation of best of breed technologies, Identity & Access Management, 24/7 Managed Security Services, Threat Management and Incident Response.
Having followed the company’s progress to date, Apax X saw the opportunity to back a well-regarded player in the cybersecurity services space with solid potential for both organic and inorganic growth.
The Apax Funds, in partnership with HG’s management team, will look to build on the company’s impressive growth rate by accelerating international expansion efforts, augmenting HG’s talent bench with additional threat & identity resources, and further advancing the HG Identity and HG SOAR proprietary platforms.
The Apax Tech team have a deep understanding of the cyber security market through the Apax Funds’ prior investments in Sophos, a world-leader in the space and Coalfire, a cybersecurity advisory business which was acquired by the Apax Funds in 2019.
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. In July 2019, AGA made a commitment of c.$450m2 to Apax X.
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