Apax Partners backs ODSA Topco for bolt-on deal


software6_sqPrivate equity firm Apax Partners has backed its portfolio company ODSA Topco for the bolt-on acquisition of venture capital-backed software research and development services company GlobalLogic.

Prior to the deal, GlobalLogic was backed by WestBridge Capital, New Atlantic Ventures, New Enterprise Associates and Sequoia Capital.

Apax partner Salim Nathoo said, “(CEO Samant Shashank) and the team at GlobalLogic have built an impressive platform with global delivery, strong product engineering capabilities, and a long and growing list of partnerships with world-class clients.

“We are excited to partner with the GlobalLogic team to support their continued development of exceptional product design and engineering capabilities worldwide.”

Back in June Apax closed its Apax VIII buyout fund on $7.5bn, within fifteen months of the first closing in March 2012.

A source told AltAssets in March this year that Apax’s sizeable 110-strong global investment team would drop to 90, while the firm would also let out two-fifths of its London office.

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