Audax Private Equity (“Audax”), in partnership with management, has
completed the sale of Magnitude Software, Inc. (“Magnitude” or the
“Company”) to 3i Group plc (“3i”).
Headquartered in Austin, TX, Magnitude is a leading provider of
enterprise information management software that delivers insights on
business performance in heterogeneous application and fragmented data
environments. Magnitude’s product offerings of business application data
access, management, and reporting products help business users simplify
management of their data and achieve substantial productivity gains.
Magnitude maintains strong relationships with leading ERP providers, SAP
and Oracle, and continues to focus on global growth across the ERP
ecosystem. The Company has over 1,400 customers globally across a
variety of sectors including manufacturers, retailers, and financial
services companies. Magnitude’s customer base includes approximately 50%
of Fortune 100 companies.
Tim Mack, Managing Director at Audax Group, said, “The Magnitude
team has built a global business and a portfolio of award-winning
software solutions that help enterprises unify fragmented data and
deliver actionable insights for critical business decisions. We wish
continued success for Chris and his team as they enter the next stage of
growth with 3i.”
Chris Ney, Chairman & CEO of Magnitude, said, “Audax has been a
valuable partner in helping us build and transform Magnitude through
organic growth and acquisitions. We are well positioned for our next
significant growth phase as we continue to expand on a global scale. We
look forward to partnering with 3i to leverage our global acquisition
strategy, technology innovation, and scalable platform to profitably
deliver even greater value to our growing blue-chip customer base.”
Chris will remain a significant shareholder in Magnitude as the company
enters its next chapter of growth with 3i.
Terms of the transaction were not disclosed. Ropes and Gray LLP served
as legal advisor and Shea & Company, LLC served as financial advisor to
Magnitude. Kirkland & Ellis LLP served as legal advisor to 3i.
ABOUT AUDAX PRIVATE EQUITY
Audax Group is a leading alternative investment manager with offices in
Boston, New York, and San Francisco. Since its founding in 1999, the
firm has raised over $24 billion in capital across its Private Equity
and Private Debt businesses. Audax Private Equity has invested over $5
billion in more than 125 platforms and 770 add-on companies. Through its
disciplined Buy & Build approach, Audax seeks to help platform companies
execute add-on acquisitions that fuel revenue growth, optimize
operations, and significantly increase equity value. With more than 240
employees and over 100 investment professionals, the firm is a leading
capital partner for North American middle market companies. For more
information, visit the Audax Group website www.audaxgroup.com.
ABOUT MAGNITUDE
Magnitude’s transformative approach to unified application data
management delivers vast operational efficiencies for today’s complex
business application landscape. By way of its broad portfolio of
business application data access, management and reporting products the
company helps thousands of business users simplify management of their
data and deliver on the substantial productivity gains modern
applications originally promised. For further information please visit: www.magnitude.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190507005773/en/