Apax buys 3i Infotech software business; sells stake in Boats Group

Investor Apax Global Alpha said it was buying 3i Infotech’s software products business and sold its stake in marine software maker Boats Group to funds advised by Permira.

The Apax X Fund and its limited partner AGA is expected to invest around €5.4m in the new acquisition, which will be named Azentio Software.

Following the transaction, Apax X will support the new entity with increased investments in research & development and sales and marketing, the company said.

Apax also said it had agreed to sell a minority stake in ThoughtWorks, a global software consultancy, to a group of investors.