Partners Group has agreed to buy "ownership stake" in the digital product engineering services company GlobalLogic from Funds advised by Apax Partners for an undisclosed amount.
"...Funds advised by Apax Partners, the global private equity advisory firm, have agreed to sell their ownership stake in GlobalLogic Inc to Partners Group, the global private markets investment manager, which is acting on behalf of its clients in the acquisition," a statement said.
While the companies did not disclose the deal size, the statement said the transaction valued GlobalLogic at over USD 2 billion.
"Following the acquisition, Partners Group becomes an equal shareholder with existing investor, Canada Pension Plan Investment Board (CPPIB)," it said.
In April 2017, the Apax Funds had sold 48 per cent of its equity stake in GlobalLogic to CPPIB.
With over USD 500 million in revenue and more than 20 per cent organic growth rate, GlobalLogic has more than doubled in revenue and EBITDA since the Apax Funds first invested in the company in 2013, the statement said.
With 12,000 employees globally, GlobalLogic helps clients build digital products that enhance customer engagement, and create new revenue streams.
Partners Group has a long track record of working with high growth companies and... we look forward to our next chapter of growth as we expand into new markets and geographies with our new investment partner, GlobalLogic CEO Shashank Samant said.
Todd Miller, Managing Director (Private Equity Americas) at Partners Group in Denver, said GlobalLogic is a market out-performer with strong momentum and a talented management team.
"Digital transformation throughout the economy is driving demand for next-generation product engineering services, a long-term trend we expect to continue for many years... We are excited to work with CPPIB as well as Shashank and his team to further strengthen the company's competitive position and prospects for sustainable, long-term growth and enduring profitability," he added.
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