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Apax Global Alpha – Apax X acquiring majority stake in Herjavec Group

Apax Global Alpha (AGA) has announced that, on 11 February 2021, the Apax X Fund, in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake of Herjavec Group (HG), a global Managed Security Services Provider (MSSP) and cyber operations leader. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions. On a look through basis, AGA is expected to invest approximately €5.4m in the company.

About Herjavec Group

Founded in 2003, AGA says that Herjavec Group has been recognised as one of the world’s most innovative cybersecurity companies with the sole mission of protecting enterprises globally from evolving cyber threats. Earning accolades from industry analysts including Gartner, Forrester, IDC and MSSP Alert, Herjavec Group has developed a reputation globally for attracting top security talent, and continuously advancing its cyber services which include Cybersecurity Advisory Services, Architecture & Implementation of best of breed technologies, Identity & Access Management, 24/7 Managed Security Services, Threat Management and Incident Response.

Rationale for investment

APAX says that, having followed the company’s progress to date, Apax X saw the opportunity to back what it considers to be a well-regarded player in the cybersecurity services space with solid potential for both organic and inorganic growth. The Apax Funds, in partnership with Herjavec Group’s management team, will look to build on the company’s impressive growth rate by accelerating international expansion efforts, augmenting the company’s existing resources with additional threat & identity resources, and further advancing the HG Identity and HG SOAR proprietary platforms. Apax says that its tech team has a deep understanding of the cyber security market through the Apax Funds’ prior investments in Sophos, a world-leader in the space and Coalfire, a cybersecurity advisory business which was acquired by the Apax Funds in 2019.

About Apax Global Alpha

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a diversified portfolio of private equity funds advised by Apax Partners as well as a focused portfolio of debt and equity investments (otherwise referred to as derived Investments). In July 2019, AGA made a commitment of  around US$450m2 to Apax X.

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