Going Private • Software

Apax Acquires Exact

On October 15, 2014, private equity firm Apax acquired software company Exact for 730M EUR

Acquisition Context

This is Apax’s 14th transaction in the Software sector.
This is Apax’s 28th largest (disclosed) transaction.
This is Apax’s 7th transaction in the Netherlands.

Investment Fate

Exact was sold to a consortium of financial buyers in 2019.

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M&A Deal Summary
Date	October 15, 2014
Target	Exact
Sector	Software
Buyer(s)	Apax
Deal Type	Going Private
Deal Value	730M EUR
Advisor(s)	Rothschild Global Advisory Lazard (Financial) A&O Shearman (Legal)

Target Company

Exact

Delft, Netherlands

Exact is a provider of business software solutions. Its integrated solutions comprise traditional enterprise resource planning (ERP) as well as related software solutions such as human resource management (HRM), customer relationship management (CRM), corporate performance management (CPM), project management, and electronic workflow. Exact was founded in 1984 and is based in Delft, Netherlands.

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Buyer Overview 1

Buyer

Apax

London, United Kingdom

Investor Investor

Category	Private Equity Firm
Founded	1981
PE ASSETS	77.0B USD
Size	Mega
Type	Sector Agnostic

DESCRIPTION

Apax Partners is a mega-sized private equity investment group, operating across the United States, Europe, Israel and Asia. Broad industry sectors of interest include tech & telecom, media, retail & consumer, healthcare, financial services, and business services. Apax will consider both minority and majority investment positions and prefers companies with strong market positions and growth potential. The Firm generally pursues platform acquisitions valued from $1 to $5 billion. Apax Partners was formed in 1981 and is based in London.

Deal Context for Buyer	#
Overall	155 of 266
Sector: Software	14 of 27
Type: Going Private	15 of 23
Country: Netherlands	7 of 9
Year: 2014	5 of 5
Size (of disclosed)	28 of 55

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2014-09-15	The TriZetto Group Denver, Colorado, United States The TriZetto Group develops, licenses and manages software solutions for the US health insurance industry. The TriZetto Group is based in Denver, Colorado.	Sell	$2.7B

DATE

TARGET

DEAL TYPE

VALUE

2014-09-15

The TriZetto Group

Denver, Colorado, United States

The TriZetto Group develops, licenses and manages software solutions for the US health insurance industry. The TriZetto Group is based in Denver, Colorado.

Sell

$2.7B

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2014-11-19	DuPont Innovalight Sunnyvale, California, United States DuPont Innovalight engages in manufacturing and selling silicon ink. DuPont Innovalight is based in Sunnyvale, California.	Sell	-

DATE

TARGET

DEAL TYPE

VALUE

2014-11-19

DuPont Innovalight

Sunnyvale, California, United States

DuPont Innovalight engages in manufacturing and selling silicon ink. DuPont Innovalight is based in Sunnyvale, California.