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SOFTWARE INDUSTRY NEWS |
PE firm Apax Partners picks up majority stake in Sophos Plc |
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IT security and data protection firm Sophos has announced that it has reached a definitive agreement to sell a majority interest in the company to Apax Partners, a global private equity group, in a transaction valuing the company at $830 million. After the transaction is completed, the founders of Sophos will retain a significant minority shareholding. TA Associates, a minority shareholder in Sophos since 2002, will sell its full interest to Apax in this transaction.  Sophos operates in the IT security market, protecting companies of all sizes against computer and data threats. The company has over 100 million users in over 150 countries. In its fiscal year ended March 31, 2010 (unaudited), Sophos reported billings in excess of $330 million (as compared to $273 million in FY 2009), revenue in excess of $260 million (FY2009: $213 million) and generated free cash flow of approximately $55 million (FY2009: $40 million).Apax Partners, the PE firm acquiring the majority stake, invests in five sectors with technology and telecommunications being one. As a leading private equity investment group, Apax Partners operates across the United States, Europe and Asia and has over 30 years of investing experience, with around $40 billion in funds under its advice and management globally. Notable current and historic investments in the sector include Promethean World, a leader in the rapidly growing global market for interactive learning technology; SMART Technologies Inc, a Canadian provider of interactive collaboration products; TDC A/S, the pan-European telecoms business headquartered in Denmark; Weather Investments, an international telecommunications business; and Inmarsat and Intelsat, which are both global satellite operators. Along with Apax Partners, current shareholders that will retain significant stakes in the business include Dr Jan Hruska and Dr Peter Lammer, who co-founded the company in 1985. Other sectors that Apax Partners invests in includes retail and consumer, media, healthcare, and financial and business services. |
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