FORT WORTH, Texas and NEW YORK, Aug.
14, 2017 /PRNewswire/ -- Funds advised by Apax Partners ("Apax Funds") today announced that they have reached a
definitive agreement to acquire ECi Software Solutions, a provider of enterprise resource planning (ERP) software solutions to
small- and medium-sized businesses (SMB) across the distribution, field services, building and construction and manufacturing
industries.
ECi has invested heavily in its core verticals to transition all product sets to the cloud. The Apax Funds investment
will accelerate this initiative as ECi continues to provide best-of-breed, industry-specific functionality.
Concurrent with this transaction, the Macola, JobBOSS and MAX businesses of Exact Software (a current Apax Funds portfolio
company) will be combined with ECi. These businesses are based in the U.S. and provide ERP software applications to a wide
range of SMB manufacturers.
The combination of Exact's Macola, JobBOSS and MAX businesses with ECi will create a diversified SMB-focused business offering
end-to-end technology solutions. The current ECi senior management team, including Chief Executive Officer Ron Books, will continue to lead the combined company, which will be known as ECi Software Solutions. It will
remain headquartered in Fort Worth, Texas.
ECi is currently owned by affiliates of The Carlyle Group and Level Equity. Carlyle will retain a minority ownership position
in the combined company. The transactions are expected to close in the third quarter of 2017, subject to customary closing
conditions.
Jason Wright, a partner at Apax, said, "Apax is excited to back Ron and his team's vision of
accelerating organic growth through the transition to SaaS. The combination of Exact's Macola, JobBOSS and MAX businesses
with ECi will further enhance our offering in the manufacturing vertical and provides a compelling platform for future
acquisitions."
"Apax Funds' acquisition of ECi is the start of another exciting chapter in our history of supporting the growth of small- and
medium-sized businesses," said Ron Books, CEO of ECi Software Solutions since 2009 and with the
company for over 19 years. "As one of the largest private SaaS businesses in the world, this transaction will allow us to
continue to deliver innovative solutions to our nearly 15,000 customers – expanding our footprint in our current vertical markets
and beyond. Adding in Exact's Macola, JobBOSS and MAX businesses gives ECi an even broader and deeper product suite to fit
the ever-changing needs of manufacturers."
Carlyle Managing Director Steve Bailey said, "It has been a tremendous pleasure working with
Ron and his team to transition ECi to a software-as-a-service business model, a strategy Carlyle has employed in many software
companies. We see significant upside in ECi and are pleased to continue as an investor and to partner with Apax and its vision
for the continued growth of, and investment in, the company."
The legal and financial advisors to Apax Partners are Skadden, Arps, Slate, Meagher & Flom LLP and Ernst & Young LLP,
respectively. The legal and financial advisors to ECi are Latham & Watkins LLP, BofA Merrill Lynch and PwC,
respectively.
About ECi
ECi Software Solutions provides industry-specific business management software and services, focusing on cloud-based
technologies. For 30+ years, ECi has served small to medium-sized manufacturing, wholesale/retail distribution, building and
construction, and field and IT services organizations. Privately held, ECi is headquartered in Fort
Worth, Texas, USA, with offices throughout the U.S., England, the Netherlands, Australia and New
Zealand. For information, email info@ecisolutions.com, visit www.ECiSolutions.com or call (800) 959-3367.
About Apax Partners LLP
Apax Partners LLP is a leading global private equity advisory firm headquartered in London and New York. Over its more than 30-year history, Apax Partners has
raised and advised funds with aggregate commitments in excess of $48 billion*. Funds advised by
Apax Partners invest in companies across four global sectors of Tech and Telco, Services, Healthcare and Consumer. These funds
provide long-term equity financing to build and strengthen world-class companies.
Apax funds have been one of the most active private equity investors in the tech, telecom and services sectors, having
invested over $11.3 billion since 2008. Apax's deep sector expertise and global resources have
helped accelerate organic and inorganic growth within its portfolio and have enabled geographic expansion. In addition to Exact
Software, current and past software investments include Epicor, Activant, TriZetto (sold to Cognizant), Duck Creek, Aptos,
Paradigm, Sophos and RealPage. For further information about Apax Partners, please visit www.apax.com.
*Funds raised since 1981, commitments converted from fund currency to USD at FX rates as at 30 June
2017.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $170 billion
of assets under management across 299 investment vehicles as of June 30, 2017. Carlyle's purpose is
to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four
segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and
South America. Carlyle has expertise in various industries, including: aerospace, defense &
government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology &
business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31
offices across six continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
Media Contacts
Apax Partners LLP – Global media enquiries
Andrew Kenny, Head of Communications
Tel: +44 20 7872 6371
Email: andrew.kenny@apax.com
Apax Partners LLP – NorAm and LatAm media enquiries
Kekst
Todd Fogarty
Tel: +1 212 521 4854
Email: todd-fogarty@kekst.com
Apax Partners LLP – EMEA media enquiries
Greenbrook Communications
Georgiana Brunner, Matthew Goodman, Annabel
Clay
Tel: +44 20 7952 2000
Email: apax@greenbrookpr.com
The Carlyle Group
Jordan DeJarnette
Tel: +1 202 729 5025
Email: jordan.dejarnette@carlyle.com
ECi Software Solutions, Inc.
Traci Johnson
Tel: +1 817-662-3276
Email: tjohnson@ecisolutions.com
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SOURCE Apax Partners