Apax X, one of the funds that Apax Global Alpha has backed (to the tune of $450m in July 2019), is making an agreed bid for EcoOnline. On 2 June 2022, the Apax X Fund announced that it has reached an agreement with the board of EcoOnline Holding AS, an Environment, Health and Safety software-as-a-service (SaaS) company listed on Euronext Growth (Ticker: ECO) to acquire the entire issued, and to be issued, share capital of the business. The transaction is expected to close in the second half of 2022, subject to shareholder and regulatory approvals.
On a look-through basis and based on the offer price of NOK22.75 per EcoOnline share, the trust is expected to invest approximately €12.3m in the company.
Founded in 2000 and headquartered in Norway, EcoOnline is a European market leader developing software for creating safer and sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has a strong position in the Nordics, with growing presence in the UK, Ireland, and the US. The company currently serves over 7,000 customers across almost all sectors.
Apax has experience of investing in this sector.
[This is interesting because a fund in the private equity sector – which has fairly deep pockets – is bidding for a listed technology company. These ‘take private’ deals may become more commonplace and could help underscore the valuations of unloved technology stocks.]
APAX : Apax bids for EcoOnline