Summit and TA sell shares of cloud company to Apax Partners


cloudsPrivate equity firms Summit Partners and TA Associates have agreed to exit their stakes in cloud solutions company Answers Corporation in a sale to London PE firm Apax Partners.

Answers Corporation, which is the parent company of, provides cloud-based solutions aimed to enhance its clients’ sales and brand engagement.

Members of Answers’ senior management are set to invest in the company alongside Apax Funds and will maintain a significant equity interest in the company.

Apax partner Marcelo Gigliani said, “Answers’ strong positioning at the intersection between its community of millions of consumers and its thousands of enterprise client partners, enables the company to pursue unique growth opportunities.”

The transaction is expected to close in the fourth quarter of 2014.

Summit Partners first invested in Answers Corporation in 2007.

The firm agreed to exit its investment in UK-based mobile optimisation software company Actix to Amdocs for $120m in September last year.

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