Building a digital product pioneer
- Year of investment2013
- FundApax VIII
- Date of exitMay 2018
GlobalLogic is a leader in digital product engineering services helping well-known global brands design, build, and deliver their digital products. Founded in 2000, GlobalLogic enables businesses to better engage with their customers and bring the next-generation of digital products and services to market in the shortest possible time.
Demand for digital product engineering services is growing rapidly. Next-generation cloud platforms, mobile and web applications, the Internet of Things (“IoT”), and other digital experiences have accelerated the urgent need for brands to stay inventive and be able to offer customers a personalised and modern service. GlobalLogic, which assists companies in digital transformations, stood out in this exciting space as a market out-performer with strong momentum, a talented management team and a competitive product range with sustainable long-term growth prospects.
The Apax Funds acquired GlobalLogic in 2013, seeking to scale the business to provide engineering expertise across a wide range of industries globally.
- Strategic investments: Under the Apax Funds’ ownership, and together with management, the company invested in sales and marketing capabilities to both seek out and develop new areas of expertise, resulting in an impressive organic growth rate.
- International expansion: 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.
- Operational improvements: Apax’s Operational Excellence Practice (“OEP”) supported the business in several ways, including redefining its internal IT strategy and supporting a finance improvement initiative.
The Apax Funds sold their stake in GlobalLogic across two tranches: first in January 2017 when the Funds sold part of their stake to the Canada Pension Plan Investment Board. The remaining stake was sold in August 2018 to Partners Group.