Apax acquires majority of Diapason

Apax Development Fund closed on €255m in January 2020. The fund invests in French SMEs with a valuation of up to €100m, building a portfolio of around 10 investments, providing tickets in the €15-50m range.

The company's founder, Pascal Kravitzch, and its management team also invested significantly in the deal.

The asset will aim to grow market share among large companies, and to expand business in the mid-market, as well as pursue international growth, according to a statement. It also plans to acquire treasury management and related software providers.

Debt for the deal was provided by BPRI, CIC and Crédit du Nord.

Company
Diapason designs software intended to optimise cash management, automate and secure payments, and manage risk related to securities portfolios. Founded in 2009, the company generates sales of €10m and employs 60 people.

People
Apax Partners – Isabelle Hermetet (partner); Bérenger Mistral (director).
Diapason – Pascal Kravitzch (founder).

Advisers
Equity – Clairfield (corporate finance); SVZ (legal); Odéris (financial due diligence); CMI (commercial due diligence); CTO as a Service (IT due diligence).
Vendor – Iteanu (legal); Bryan Garnier (corporate finance).

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• Apax France SA