Apax Global Alpha said on Thursday that the Quebecois pension investor CDPQ has agreed to acquire a controlling stake in Wizeline from the Apax Digital Fund, in which it is a limited partner.
The FTSE 250 company said the Apax Digital Fund would retain a minority shareholding in Wizeline following the transaction.
It said the transaction valued its look-through investment in Wizeline at about 10.3, representing an uplift of 64% to the last unaffected valuations, and of 4.0m in Apax Global Alpha’s adjusted net asset value as at 30 June.
“Founded in 2014, Wizeline is a global technology services provider that builds digital products and platforms that accelerate time-to-market,” the Apax board said in its statement.
“The company focuses on measurable outcomes, partnering with customers to modernise core technologies, mature data-driven capabilities, and improve user experience.
“The Apax funds have significant experience in the tech-enabled services sub-sector, with current investments in this space including Thoughtworks, Coalfire, Herjavec Group and Lutech.”
