Apax Partners wins Private Equity International Operational Excellence Award for GlobalLogic Inc.
1 October 2018
Apax Partners is pleased to announce it has won the inaugural “Editors’ Award” (in America) for GlobalLogic at the Private Equity International Operational Excellence Awards 2018. The awards celebrate best practice in value creation across the private equity industry.
GlobalLogic is a leader in digital product engineering services helping blue chip clients design, build, and deliver their digital products.
The Apax Funds acquired GlobalLogic Inc. in 2013, seeking to scale the business to provide engineering expertise across diversified industries on a truly global scale. Under the Funds’ ownership, and together with management, the company invested in sales and marketing capabilities to both seek out and develop areas of expertise. Through both organic growth and M&A, the company expanded into numerous new geographies across the world, including establishing engineering centres across Europe and Asia. In addition, Apax’s Operational Excellence Practice (“OEP”) supported the business in several ways, including redefining their internal IT strategy and leading a finance improvement initiative. The result of these initiatives saw an acceleration in growth as both revenue and EBITDA more than doubled as GlobalLogic solidified its position as a leading global product engineering company.
The Apax Funds sold their stake in GlobalLogic across two tranches: half was sold in January 2017; and the remaining stake was sold in August 2018 in a transaction which valued GlobalLogic at over $2bn.