Apax X announces the purchase of MyCase

The Apax X Fund (“Apax X”), in which Apax Global Alpha Limited (“AGA”) is a limited partner, has announced that it has entered into a definitive agreement to acquire 100% of the equity interest of MyCase, a  wholly-owned subsidiary of AppFolio, Inc. which provides legal practice and case management software solutions, for approximately $193 million in cash. 

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to the investment expertise of Apax Partners through its investments in a diversified portfolio of private equity funds advised by Apax Partners, as well as derived investments in debt and equity. In July 2019, AGA made a commitment of c.$450m to Apax X.

AGA will release its results to 30 September 2020 on 4 November 2020.

AppFolio Announces Sale of MyCase to Funds Advised by Apax Partners

SANTA BARBARA, Calif., September 8, 2020

AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a leading provider of cloud-based business software solutions, services and data analytics, today announced that it has entered into a definitive agreement to sell 100% of the equity interest of its wholly-owned subsidiary, MyCase, Inc., which provides legal practice and case management software solutions, to Funds advised by Apax Partners (the “Apax Funds” or “Apax”) for approximately $193 million in cash.

Founded in 2010, MyCase is a leading cloud-based legal practice management software designed to help firms run efficiently from anywhere, provide an exceptional client experience, and easily track firm performance so that firms can reach their business goals. MyCase covers the entire client lifecycle with Lead Management, Case Management, Billing and Invoicing, and robust Reporting. It includes market leading features such as integrated MyCase Payments, 2-way text messaging, and the MyCase Client Portal to centralize client communication and share files securely.

“I want to extend our gratitude to the MyCase team for the work they’ve done over the years building a business that puts their customers at the forefront of their decision-making and delivers exceptional products and services,” said Jason Randall, President and Chief Executive Officer, AppFolio, Inc. “We believe that people are the heart of our success, and are proud of the people behind MyCase. We all wish them the very best now and in the future.”

Kim Coalson, President of MyCase, stated, “Our mission at MyCase is to enable our customers’ success by providing powerful legal practice management software that modernizes the client experience and increases the efficiency of firm operations. The Apax Funds’ record of investing in software companies that become category leaders makes the partnership a great opportunity for MyCase to increase the breadth of our product and accelerate growth, while continuing to provide the high level of service our customers expect.”

Umang Kajaria, Partner at Apax, said, “MyCase software and its integrated payments greatly simplify law firm operations, so legal professionals have more time to do what they love most – serving their clients. Increasing adoption of cloud-based legal software is driving rapid growth, and MyCase is a leader in modern legal practice management through its best-in-class product and customer centricity. We are excited to partner with Kim and the MyCase team to invest behind continued innovation and growth acceleration.”

The Apax Funds will support MyCase with increased investments in Product Development, Sales, and Marketing to continue its impressive growth trajectory. Veteran software executive, John Borgerding, former CEO of Accruent and SumTotal, will join the MyCase board after the closing of the transaction.

The transaction was approved by AppFolio’s Board of Directors and is expected to close before the end of the third quarter, subject to regulatory approval and other closing conditions.

Kirkland & Ellis LLP is serving as legal counsel to AppFolio and Simpson Thacher & Bartlett LLP is serving as legal counsel to Apax. Raymond James is serving as financial advisor to Apax in connection with the transaction.

Contact details

Investor enquiries
Lorraine Rees
Investor Relations – AGA
Telephone: +44 (0)20 7872 6381
Email: lorraine.rees@apax.com


1. Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to “AGA” or “the Company”. References to Apax Partners LLP have been abbreviated to “Apax Partners” or “the Investment Adviser”

2. Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (“MAR”)

3. This announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to “US persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions

4. The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited (“AGA”). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, AGA’s shares (the “Shares”) have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States

5. This announcement may include forward-looking statements. The words “expect”, “anticipate”, “intends”, “plan”, “estimate”, “aim”, “forecast”, “project” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA’s intentions, beliefs or current expectations concerning, among other things, AGA’s results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA’s present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.

About Apax Global Alpha Limited

AGA is a Guernsey registered closed-ended collective investment scheme incorporated as a non-cellular company that listed on the London Stock Exchange on 15 June 2015. It is regulated by the Guernsey Financial Services Commission.

AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses) including a dividend yield of 5% of Net Asset Value.

The investment policy of the Company is to make Private Equity investments in Apax Funds, and Derived Investments which are investments in equities and debt derived from the insights gained via Apax Partners’ Private Equity activities.

Further information regarding the Company and its publications are available on the Company’s website at www.apaxglobalalpha.com.

About Apax Partners LLP

Apax Partners LLP (“Apax Partners”) is a leading global private equity advisory firm and over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of over €40 billion.  Funds advised by Apax Partners invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long_term equity financing to build and strengthen world_class companies.

For further information about Apax Partners, please visit www.apax.com. Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.