Lever: Case Study

Backing a best-in-class talent acquisition software provider 

Serving 5,000 clients globally, Lever is a leading talent acquisition software provider that makes it easy for companies to connect with top talent. Lever is the industry’s only platform that provides talent acquisition leaders with complete applicant tracking systems (ATS) and candidate relationship management (CRM) capabilities in a single native platform to manage the hiring process.


Leveraging ADF’s next-generation tech services expertise, experience in scaling global software companies and Apax’s Operational Excellence Practice (OEP), ADF identified the opportunity to back a leading innovative player in a growing market, solely leading Lever’s $50m Series D funding round in November 2021.

The Applicant Tracking System (ATS) market was experiencing rapid growth as companies navigated heightened competition for talent. The investment thesis was to back Lever, which was ideally placed to capitalise on these market tailwinds and gain market share across small businesses and mid-market clients as internal teams seek to transition towards more robust, best-in-class ATS software solutions.


The Apax Funds acquired a minority stake in Lever in November 2021, with Mia Hegazy, a Principal of Apax Digital joining Lever’s Board.


  • Strategic operational development: to accelerate Lever’s growth trajectory, the Apax Funds worked closely with the company on a number of initiatives, including R&D and product improvement to upscale Lever’s international operations.
  • Go to market optimisation: with the support of Apax’s Operational Excellence Practice, Lever improved its marketing and new business strategy, leading to significant year-on-year growth coming out of Covid-19
  • Enhancement of Senior Management: bolstered senior management with recruitment of key senior roles, as well as the introduction of ADF’s Mia Hegazy onto Lever’s Board.


In August 2022, the Apax Funds agreed to sell its stake in Lever to Jobvite, an applicant tracking software and recruiting platform owned by K1 Investment Management.

Investment year


Deal status