Summit Partners to sell Actix for $120m

Karin Wasteson
06 September 2013

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Summit Partners has agreed to sell London-based mobile optimisation software provider Actix to customer experience systems company Amdocs for close to $120m.

The transaction, which was completed in cash, is subject to customary closing conditions.

Summit supported management in the buyout of Actix in March 2005, acquiring a majority stake for £40.6m, while management shareholders continued to hold a substantial minority stake. Summit had come into contact with the company five years prior to the original investment.

Since Summit's investment, Actix has developed its multi-vendor and multi-technology optimisation platform, ActixOne.

Founded in 1984, Summit is a a growth equity firm specialising in expansion investments and buyouts, investing from $5-500m in equity. The firm invests in companies operating in the technology, healthcare and other growth sectors. Summit maintains offices in North America, Europe and Asia, and invests in companies around the world.

Summit's current portfolio includes home improvement retailers Westwing Home and Living, freemium antivirus software provider Avast, software providers 360 Treasury Systems and online flash sales retailer vente-privee.com.

Company
Based in London and founded in 1991, Actix is an independent provider of mobile optimisation software. It provides services including network performance troubleshooting, verification of customer-perceived service quality, competitive analysis and accelerated new-technology rollout.

People
Scott Collins, managing director of Summit, has served as chairman of the Actix board of directors. Bill McHale is the CEO of Actix.

Advisers
Vendor – Raymond James & Associates (Corporate finance); Ropes & Gray (Legal).