Apax Partners has tapped its recently raised $1bn Digital Fund to buy a majority stake in Finnish digital consulting, design and analytics company Solita from Vaaka Partners.
Vaaka first invested in Solita in 2013, before making a series of bolt-ons over the past few years.
Apax said its investment would enable Solita to boost growth in its native Finland and accelerate its international expansion, both organically and through potential acquisitions.
Solita president and CEO Jari Niska said, “We are highly committed to be our customers’ trusted advisor on their transformation journey towards a better future, and are proud of our company’s accomplishments to date, which include a near tripling of our team and revenue over the last five years.”
Apax Digital managing partner Marcelo Gigliani said, “The world’s most successful companies are increasingly embracing agile technology solutions to address their digital transformations and enhance their competitive advantages.
“Solita has a long and proven track record in supporting its clients’ digital efforts, through its unwavering focus on innovation, excellence, and people.
“We aim to leverage Apax’s deep experience investing in leading global digital services companies to accelerate Solita’s growth plans.”
The investment in Solita is the Apax Funds’ tenth IT services investment, following deals for businesses including Wizeline, GlobalLogic, ThoughtWorks, EVRY, Engineering and Zensar.
Apax hit the $1bn hard cap for its debut Digital Fund last December, beating its initial $800m target.
The firm said it plans to use the fund to make investments of between $30m and $150m in businesses across the software, data, analytics, tech-enabled services, marketplace and disruptive ecommerce sectors.
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