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Audax Private Equity sells Magnitude Software to 3i

Audax Private Equity (Audax), in partnership with management, has completed the sale of Magnitude Software (Magnitude) to 3i Group (3i).

Headquartered in Austin, Texas, Magnitude is a provider of enterprise information management software that delivers insights on business performance in heterogeneous application and fragmented data environments. Magnitude’s product offerings of business application data access, management, and reporting products help business users simplify management of their data and achieve substantial productivity gains. Magnitude maintains strong relationships with leading ERP providers, SAP and Oracle, and continues to focus on global growth across the ERP ecosystem. The Company has over 1,400 customers globally across a variety of sectors including manufacturers, retailers, and financial services companies. Magnitude’s customer base includes approximately 50 per cent of Fortune 100 companies.

Tim Mack, Managing Director at Audax Group, says: “The Magnitude team has built a global business and a portfolio of award-winning software solutions that help enterprises unify fragmented data and deliver actionable insights for critical business decisions. We wish continued success for Chris and his team as they enter the next stage of growth with 3i.”

Chris Ney, Chairman & CEO of Magnitude, says: “Audax has been a valuable partner in helping us build and transform Magnitude through organic growth and acquisitions. We are well positioned for our next significant growth phase as we continue to expand on a global scale. We look forward to partnering with 3i to leverage our global acquisition strategy, technology innovation, and scalable platform to profitably deliver even greater value to our growing blue-chip customer base.” Chris will remain a significant shareholder in Magnitude as the company enters its next chapter of growth with 3i.

Terms of the transaction have not been disclosed. Ropes and Gray served as legal advisor and Shea & Company, LLC served as financial advisor to Magnitude. Kirkland & Ellis served as legal advisor to 3i.

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