TIDMAPAX
RNS Number : 8730O
Apax Global Alpha Limited
12 February 2021
Apax Global Alpha Limited
Funds advised by Apax to acquire Herjavec Group
On 11 February 2021, the Apax X Fund ("Apax X"), in which AGA is
a limited partner, announced that it has entered into a definitive
agreement to acquire a majority stake of Herjavec Group (HG), an
award-winning global Managed Security Services Provider (MSSP) and
cyber operations leader. The transaction is expected to close in
the second quarter of 2021, subject to customary closing
conditions.
On a look through basis, AGA is expected to invest approximately
EUR5.4m in the company.
Note that these figures relate to AGA's look through position of
Apax X's overall investment in HG and are stated before taking into
account any closing adjustments and translated based on the latest
exchange rates available where applicable (1) .
Founded in 2003, Herjavec Group has been recognised as one of
the world's most innovative cybersecurity companies with the sole
mission of protecting enterprises globally from evolving cyber
threats. Earning accolades from industry analysts including
Gartner, Forrester, IDC and MSSP Alert, Herjavec Group has
developed a reputation globally for attracting top security talent,
and continuously advancing its cyber services which include
Cybersecurity Advisory Services, Architecture & Implementation
of best of breed technologies, Identity & Access Management,
24/7 Managed Security Services, Threat Management and Incident
Response.
Having followed the company's progress to date, Apax X saw the
opportunity to back a well-regarded player in the cybersecurity
services space with solid potential for both organic and inorganic
growth. The Apax Funds, in partnership with HG's management team,
will look to build on the company's impressive growth rate by
accelerating international expansion efforts, augmenting HG's
talent bench with additional threat & identity resources, and
further advancing the HG Identity and HG SOAR proprietary
platforms. The Apax Tech team have a deep understanding of the
cyber security market through the Apax Funds' prior investments in
Sophos, a world-leader in the space and Coalfire, a cybersecurity
advisory business which was acquired by the Apax Funds in 2019.
AGA, whose shares are listed on the London Stock Exchange,
provides investors with access to a diversified portfolio of
private equity funds advised by Apax Partners as well as a focused
portfolio of debt and equity investments ("Derived Investments").
In July 2019, AGA made a commitment of c.$450m(2) to Apax X.
For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/
END
Contact details
Investor Relations - AGA
Katarina Sallerfors
T: +44 207 872 6526
E: Katarina.sallerfors@apax.com
Footnotes
1 Based on Bloomberg closing rate of EUR/USD FX rate on 9
. February 2021 of 1.2119
2. AGA's commitment in Apax X of c$450m represents a commitment
of $225m in the USD tranche and EUR199.8m in the euro tranche
Notes
1. Note that references in this announcement to Apax Global Alpha
Limited have been abbreviated to "AGA" or "the Company". References
to Apax Partners LLP have been abbreviated to "Apax Partners"
or "the Investment Adviser"
2. Please be advised that this announcement may contain inside
information as stipulated under the Market Abuse Regulations
(EU) NO. 596/2014 ("MAR")
3. This announcement is not for release, publication or distribution,
directly or indirectly, in whole or in part, into or within
the United States or to "US persons" (as defined in Regulation
S under the United States Securities Act of 1933, as amended
(the "Securities Act")) or into or within Australia, Canada,
South Africa or Japan. Recipients of this announcement in jurisdictions
outside the UK should inform themselves about and observe any
applicable legal requirements in their jurisdictions. In particular,
the distribution of the announcement may be restricted by law
in certain jurisdictions
4. The information presented herein is not an offer for sale within
the United States of any equity shares or other securities
of Apax Global Alpha Limited ("AGA"). AGA has not been and
will not be registered under the US Investment Company Act
of 1940, as amended (the "Investment Company Act"). In addition,
AGA's shares (the "Shares") have not been and will not be registered
under the Securities Act or any other applicable law of the
United States. Consequently, the Shares may not be offered
or sold or otherwise transferred within the United States,
or to, or for the account or benefit of, US Persons, except
pursuant to an exemption from the registration requirements
of the Securities Act and under circumstances which will not
require AGA to register under the Investment Company Act. No
public offering of the Shares is being made in the United States
5. This announcement may include forward-looking statements. The
words "expect", "anticipate", "intends", "plan", "estimate",
"aim", "forecast", "project" and similar expressions (or their
negative) identify certain of these forward-looking statements.
These forward-looking statements are statements regarding AGA's
intentions, beliefs or current expectations concerning, among
other things, AGA's results of operations, financial condition,
liquidity, prospects, growth and strategies. The forward-looking
statements in this presentation are based on numerous assumptions
regarding AGA's present and future business strategies and
the environment in which AGA will operate in the future. Forward-looking
statements involve inherent known and unknown risks, uncertainties
and contingencies because they relate to events and depend
on circumstances that may or may not occur in the future and
may cause the actual results, performance or achievements of
AGA to be materially different from those expressed or implied
by such forward looking statements. Many of these risks and
uncertainties relate to factors that are beyond AGA's ability
to control or estimate precisely, such as future market conditions,
currency fluctuations, the behaviour of other market participants,
the actions of regulators and other factors such as AGA's ability
to continue to obtain financing to meet its liquidity needs,
changes in the political, social and regulatory framework in
which AGA operates or in economic or technological trends or
conditions. Past performance should not be taken as an indication
or guarantee of future results, and no representation or warranty,
express or implied, is made regarding future performance. AGA
expressly disclaims any obligation or undertaking to release
any updates or revisions to these forward-looking statements
to reflect any change in AGA's expectations with regard thereto
or any change in events, conditions or circumstances on which
any statement is based after the date of this announcement,
or to update or to keep current any other information contained
in this announcement. Accordingly, undue reliance should not
be placed on the forward-looking statements, which speak only
as of the date of this announcement.
About Apax Global Alpha Limited
AGA is a Guernsey registered closed-ended collective investment
scheme incorporated as a non-cellular company that listed on the
London Stock Exchange on 15 June 2015. It is regulated by the
Guernsey Financial Services Commission.
AGA's objective is to provide shareholders with capital
appreciation from its investment portfolio and regular dividends.
The Company is targeting an annualised Total Return, across
economic cycles, of 12-15% (net of fees and expenses) including a
dividend yield of 5% of Net Asset Value.
The investment policy of the Company is to make Private Equity
investments in Apax Funds, and Derived Investments which are
investments in equities and debt derived from the insights gained
via Apax Partners' Private Equity activities.
Further information regarding the Company and its publications
are available on the Company's website at
www.apaxglobalalpha.com.
About Apax Partners LLP
Apax Partners LLP ("Apax Partners") is a leading global private
equity advisory firm. Over its more than 40-year history, Apax
Partners has raised and advised funds with aggregate commitments of
more than $60 billion. The Apax Funds invest in companies across
four global sectors of Tech & Telco, Services, Healthcare and
Consumer. These funds provide long-term equity financing to build
and strengthen world-class companies. For further information about
Apax Partners, please visit www.apax.com .
Apax Partners is authorised and regulated by the Financial
Conduct Authority in the UK.
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END
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