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Apax Global Alpha Ltd on Friday said the Apax X Fund has sold its controlling stake in MyCase Inc to AffiniPay LLC.
Apax Global Alpha is a limited partner in the X Fund; it allows investors access to a portfolio of private equity funds advised by London-based Apax Partners LLP.
X Fund acquired MyCase, which provides legal practice management software and integrated payments to legal professionals, in 2020.
Apax Global Alpha said that the sale values its current look-through investment in MyCase at around €22.5 million. This represents an increase of approximately 48% compared to the last unaffected valuation and an uplift of around €7.3 million in the adjusted net asset value of Apax Global Alpha at March 31, it added.
AffiniPay will purchase MyCase through a consideration made up of cash and stock.
Following the transaction, Apax Funds will remain a minority shareholder in MyCase.
Shares in Apax Global Alpha were down 0.1% to 178.80 pence each in London on Friday morning.
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