Apax Global Alpha's X Fund sells controlling stake in MyCase

Investment outfit Apax Global Alpha revealed on Friday that the Apax X Fund, in which it is a limited partner, had sold its controlling stake in MyCase to AffiniPay.

Apax said the sale of MyCase, which provides cloud-based legal practice management software and payment services, valued AGA's current look-through investment in the portfolio company at approximately €22.5m, representing an uplift of about 48% to last unaffected valuations and roughly €7.3m in the adjusted net asset value of AGA as of 31 March.

The FTSE 250-listed firm noted that the purchase consideration for MyCase was made up of a combination of cash and stock. Following the transaction, Apax Funds remains a minority shareholder in the combined business.

Reporting by Iain Gilbert at Sharecast.com