August backs Wax Digital

August secured the deal off-market after tracking the sector and Wax's management team for several years.

The deal saw previous backers Nova Capital exit the business. 

According to the GP, the use of procurement software is set to double over the next few years because of increasing compliance and a shift to paperless processing.

Company
Cheshire-based Wax Digital is a cloud provider of online procurement software. The business manages £5bn's worth of indirect spend for businesses in the private and public sectors. Its integrated Source-to-Pay software is delivered in 102 countries.

People
Philip Rattle is managing partner at August.

Advisers
Vendor - Clearwater International (Corporate finance). 

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