British private equity giant Apax Partners today sold its final stake in a Silicon Valley firm which was founded shortly after the dot-com bubble burst.
Half of GlobalLogic, which provides a broad range of digital engineering services, has been sold to Apax's European rival Partners Group.
The deal caps an exit for Apax; it sold a 48 per cent stake in GlobalLogic to the Canada Pension Plan Investment Board in April 2017.
Apax made a five-fold return on its investment in GlobalLogic, according to reports by Bloomberg.
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One of the world's largest private equity houses, London-headquartered Apax has more than $50bn under management. It specialises in the tech and telco, services, healthcare and consumer sectors. Partners, meanwhile, boasts €62bn of investments and has its head office in Zug, Switzerland.
Now headquartered in San Jose, California, and employing more than 12,000 globally, GlobalLogic was first called Indus Logic and founded in 2000. It rebranded in 2006 and opened a UK office in 2008.
Apax bought GlobalLogic in 2013, a deal that saw former BT boss Sir Peter Bonfield appointed to its board.
"Partners Group has a long and successful track record of working with high growth companies and we are very pleased to have an investor that understands our business and shares our vision of building an even stronger company," said GlobalLogic chief executive Shashank Samant.
"We are thankful to Apax Partners for their strong partnership and strategic support for the past four and a half years, and we look forward to our next chapter of growth as we expand into new markets and geographies with our new investment partner."
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