Apax completes €730m Exact take-private

The deal values Exact at approximately 16.8x adjusted EBITDA, which stood at €43.5m in 2014. Apax's offer to buy all Exact shares was lodged in October 2014, at a price of €32 per share, representing around a 27% premium on the share price in July that year.

Exact will be delisted from the Amsterdam Euronext stock exchange following the deal, which will see the current management remain in place.

Apax's investment will be used to fund Exact's international growth plans, which involve consolidating the market for cloud-based business software for SMEs.

Exact CEO Erik van der Meijden says the market is fragmented and lagging, and hopes the company will be able to have a similar effect on its market to the impact that Uber and Airbnb have had on theirs.

Company
Based in Delft, Exact develops and provides cloud-based business software aimed at small and medium-sized companies.

Founded in 1984 and listed in Amsterdam before Apax's buyout, the company claims to have 200,000 business customers globally.

Exact had revenues of €184m in 2014 and employs 1,550 people in 15 countries.

People
Roy Mackenzie is a partner in Apax's Tech & Telco team. Erik van der Meijden is the CEO of Exact.

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