Private equity firm Apax Partners is merging three software companies serving non-profit organizations in a deal worth about $2 billion, including debt.
Apax is buying EveryAction from Insight Partners and Social Solutions from Vista Equity Partners, according to a statement Tuesday. Apax will combine them with CyberGrants, a company it agreed to acquire in June from Waud Capital Partners. Vista will keep a minority stake in the combined company, which will go through a branding process to select a new name and will have annual revenue of over $200 million.
All three companies make software used by non-profit organizations, a corner of the technology market that’s fragmented with several small players. Blackbaud Inc. is the largest public company in the space with a market value of $3.4 billion.
Source: Bloomberg
By Liana Baker
