ODSA Topco, a company backed by funds advised by Apax Partners, is to acquire product development services firm GlobalLogic.
The agreement will further enable GlobalLogic to deliver design and engineering solutions to companies worldwide, and continue as a leading provider of software R&D services. Terms of the agreement have not been disclosed.
Under the terms of the transaction, the GlobalLogic business will be acquired by ODSA. The transaction is subject to customary closing conditions and is expected to be completed before the end of 2013.
"Over the past decade, we have built GlobalLogic into a 6,600 person-strong global innovation engine," says GlobalLogic chief executive Shashank Samant. "The decision to bring in Apax as an investor is based on continuing and growing the momentum and market share that we’ve gained and will allow us to significantly increase our global reach for clients in key markets. Apax is the ideal partner to help us do this."
Salim Nathoo, partner at Apax Partners, says: "Shashank and the team at GlobalLogic have built an impressive platform with global delivery, strong product engineering capabilities, and a long and growing list of partnerships with world-class clients. We are excited to partner with the GlobalLogic team to support their continued development of exceptional product design and engineering capabilities worldwide."
Prior to the acquisition, GlobalLogic has been funded by, among others, WestBridge Capital, New Atlantic Ventures (NAV), New Enterprise Associates (NEA) and Sequoia Capital.
Royal Bank of Canada and Credit Suisse acted as financial advisors to Apax and will provide financing for the transaction. JP Morgan Securities acted as financial advisor to GlobalLogic. Kirkland & Ellis provided legal advice and KPMG provided accounting and tax advice to Apax. Hogan Lovells US provided legal advice to GlobalLogic.
