Audax Group has made an investment in Magnitude Software, a provider of enterprise information management software. The investment from Audax will be used to expand Magnitude’s product portfolio in order to complete the end-to-end information management products needed by its customers. New products will be developed internally and through add-on acquisitions.
Magnitude Software provides enterprise information management software to support business intelligence, data warehousing, master data management, reporting and analytics. The company has 600 active enterprise clients with over 200,000 users in 100 countries. Magnitude Software was formed in 2014 through a merger of Noetix, a provider of business intelligence services and Kalido, a provider of data management services. The company is headquartered in Austin, TX (www.magnitudesoftware.com).
“Magnitude Software is a leader within the growing enterprise information management industry. We look forward to working with CEO Chris Ney and his team to drive growth organically and through strategic add-on acquisitions,” said Geoffrey Rehnert, Co-CEO of Audax Group.
The Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. Audax has over $6 billion in assets under management in its private equity, mezzanine, and senior debt businesses. The firm was founded in 1999 and has offices in Boston and New York (www.audaxgroup.com).
“Every company is under increasing pressure to manage and govern information across the enterprise, and deliver this information faster and more consistently than ever before. This investment, coupled with our laser focus on customer success, presents us with an incredible opportunity to deliver unprecedented product and services innovation to customers in every industry in this high-growth enterprise information management market,” said Chris Ney, CEO of Magnitude.
Wells Fargo provided financing for the transaction and Ropes & Gray served as counsel to Audax Group.
2014 PEPD • Private Equity’s Leading News Magazine • 9-26-14