M&A Deal Summary

Apax and Monroe Capital Acquire MyCase

On September 8, 2020, private equity firm Apax and lender Monroe Capital acquired internet software and services company MyCase from AppFolio for 193M USD

Acquisition Highlights
  • This is Apax’s 20th and Monroe Capital’s 3rd transaction in the Internet Software and Services sector.
  • This is Apax’s 48th and Monroe Capital’s 4th largest (disclosed) transaction.
  • This is Apax’s 87th and Monroe Capital’s 83rd transaction in the United States.
  • This is Apax’s 19th and Monroe Capital’s 14th transaction in California.
Investment Fate
  • MyCase was sold to a strategic buyer in 2022.

M&A Deal Summary
Date 2020-09-08
Target MyCase
Sector Internet Software and Services
Buyer(s) Apax
Monroe Capital
Sellers(s) AppFolio
Deal Type Divestiture
Deal Value 193M USD

Target

MyCase

San Diego, California, United States
MyCase is an all-in-one legal practice management software designed for a modern law firm. The company covers the entire client lifecycle with Lead Management, Case Management, Billing and Invoicing, and Robust Reporting. It includes market-leading features such as integrated MyCase Payments, 2-way text messaging, MyCase Client Portal to centralize client communication, and MyCase Drive. The MyCase family of brands includes the broadest suite of legal practice management software solutions in the industry including MyCase, CASEpeer (Personal Injury), Soluno (Billing & Accounting), DocketWise (Immigration), and Woodpecker (Document Automation). MyCase was founded in 2010 and is based in San Diego, California.

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Buyer(S) 2

Buyer

Apax

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 60.0B 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 STATS #
Overall 221 of 252
Sector (Internet Software and Services) 20 of 26
Type (Divestiture) 23 of 28
State (California) 19 of 21
Country (United States) 87 of 99
Year (2020) 5 of 7
Size (of disclosed) 48 of 53
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-07 Duck Creek

Boston, Massachusetts, United States

Duck Creek is a provider of comprehensive P&C insurance software and services delivered on-premise or via Duck Creek On-Demand, a Software as a Service model. The company delivers configurable software that is designed to work independently or as a combined approach to quickly and seamlessly handle the unique needs of insurers of all sizes. Its technology solutions enable clients to optimize outcomes through streamlined operations, shared data, and consistent functionality. Duck Creek was incorporated in 1883 and is headquartered in Boston, Massachusetts.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-10 idealista

Madrid, Spain

idealista is an online real estate marketplace that supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe, by providing an online real estate classifieds marketplace for home buyers and sellers. idealista was formed in 2000 and is based in Madrid, Spain.

Sell €1.3B
Buyer

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago.

DEAL STATS #
Overall 83 of 112
Sector (Internet Software and Services) 3 of 6
Type (Divestiture) 5 of 8
State (California) 14 of 17
Country (United States) 83 of 111
Year (2020) 2 of 3
Size (of disclosed) 4 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-23 Pavion

Chantilly, Virginia, United States

Pavion connects and protects by providing fire, security, and communication integration solutions to customers in 48 U.S. locations and 22 countries. The company brings industry-leading experience to clients in the enterprise, healthcare, education, government, data center, and retail industries. Its mission is to bring clarity and transformation to safety, security, and communication through integral technology and radical service. Pavion was founded in 1969 and is based in Chantilly, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-22 ProPharma Group

Overland Park, Kansas, United States

ProPharma Group is a provider of medical information, pharmacovigilance, and compliance consulting services for clients in the pharmaceutical, biotechnology, and medical device industries. The Company’s Medical Information service includes responding to inquiries from patients and healthcare professionals in over 30 languages from five contact centers located around the world. Its pharmacovigilance service includes processing of post-marketing and clinical adverse events, aggregate reporting, and signal detection. ProPharma Group also provides an array of Compliance Consulting services to help its clients meet regulatory requirements across the product life cycle. Consulting services include quality assurance, process validation, commissioning and qualification, technology transfer, program management, computer system validation, and other related services. ProPharma Group was formed in 2001 and is based in Overland Park, Kansas.

Sell -

Seller(S) 1

SELLER

AppFolio

Goleta, California, United States
Category Company
Founded 2006
Sector Internet Software and Services
DESCRIPTION

AppFolio, Inc. provides cloud-based software solutions for businesses in property management.

DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Divestiture) 1 of 1
State (California) 1 of 1
Country (United States) 1 of 1
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-08 RentLinx

San Diego, California, United States

RentLinx LLC provides apartment search services online.

Buy -
Mergr

Product

Company

Legal