Indufin invests in software developer AXI

Reported by Mergermarket, the deal was originally announced on Belgian business and economics website De Tijd.  

The deal came after several months of an ING-led process of finding a new shareholder for AXI , the newspaper reported.

Bidders for the group reportedly included Indufin and Korys – the investment vehicle of Belgian family office Colryut.

Indufin declined to comment on the transaction at this stage, stating that the deal is yet to be closed.

Previous funding
In 2008, ING Corporate Investments, investment arm of the ING bank, acquired a 45% stake in AXI to support the group's growth. A Belgian private investor, company management and employees also held a stake following the deal. With ING's backing, AXI grew its sales from €38m to €52m.

Company
Willebroek-headquartered group AXI emerged in 1985 from the management buyout (and spinout) of the IT services branch of Vlaams Economisch Verbond – a Flemish employers' organisation and lobbying group.

The group makes software for government agencies, healthcare institutions, service providers, and various businesses and stores. According to De Tijd, AXI currently has 230 employees in Belgium and the Netherlands, and registers a €52m turnover with €4.1m operating profit.

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• Benelux
• Buyouts
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