News
February 28, 2025 – Funds advised by Apax Partners LLP, a leading global private equity advisory firm, today announced that it has reached a definitive agreement to increase its equity stake in ECI Software Solutions (“ECI” or the “Company”), a global, industry-specific, cloud-based business management software provider. Upon completion of the transaction, the Apax Funds will become a co-control owner of ECI, in partnership with Leonard Green & Partners, L.P. (“LGP”). In addition, and as part of the transaction, GIC made a substantial new investment in ECI to help support the continued growth of the Company.
The Apax Funds first invested in ECI, which provides mission-critical management solutions for small- and medium-sized businesses in key markets, primarily manufacturing, building supply, distribution and office technology, in 2017. They subsequently helped to develop the Company into a leading SaaS business through investment in its core products, international expansion and M&A, including 27 acquisitions since their original investment. In 2020, the Apax Funds sold a majority stake in ECI to LGP, while retaining a minority interest in the business.
Going forward, the Apax Funds and LGP will help ECI to further grow its presence in its core verticals, and target continued M&A in a highly fragmented market, with the opportunity to enter new sectors through acquisitions. ECI has experienced rapid growth in recent years, both organically and through a number of strategic acquisitions. It now has 25,000 customers in 90 countries around the world and employs 2,100 people across 20 offices.
The Apax Funds have established a leading track record in software investing over more than 20 years, investing more than $10 billion of equity during the period. The Funds are supported by an investment team with deep market expertise, as well as Apax’s Operational Excellence Practice, which focuses on identifying and executing levers to drive value creation.
Jason Wright, Partner at Apax, said: “Since the Apax Funds first invested eight years ago, ECI has transformed into a scaled and market-leading SaaS provider. Its organic growth has accelerated meaningfully while, at the same time, the Company has achieved a five-fold expansion in EBITDA. We are backing mission-critical software players like ECI to create sub-sector champions, using our deep experience of the sector and leveraging our Operational Excellence team to drive value creation. We look forward to continuing our partnership with the management team and LGP to drive this growth.”
Adam Garson, Partner at Apax, added: "ECI is a leading provider of core systems software, with a strong position in each of the end markets that it serves. We look forward to deepening our partnership with Trevor and the broader ECI management team, alongside Leonard Green and GIC, to support the business in continuing to accelerate growth both organically and through M&A.”
Trevor Gruenewald, CEO of ECI, said: “Our partnership with the Apax Funds over the past eight years, alongside support from LGP since 2020, has fueled consistent growth and established us as market leaders in mission critical systems for the small to medium business customers we serve. Their increased investment, combined with their deep operational and sector expertise, will allow us to continue on this trajectory—expanding our presence in key verticals where we already excel and accelerating our M&A strategy to enter new areas.”
Usama Cortas, Partner at LGP, said: “It has been a privilege for LGP to be part of the ECI story over the past four years. We have worked closely with Trevor and the ECI management team to build a mission-critical software ecosystem that supports the activities and growth of small- to medium-sized businesses around the world. During our partnership period, ECI has accelerated its organic growth and capitalized on a number of strategic and accretive M&A opportunities. This transaction underscores the strength of the Company, its talented management team, and its significant growth opportunities.”
Tommy Yin, Principal at LGP, said: “Since we partnered with the ECI team over four years ago, they have consistently been a strong performer delivering exceptional growth and value to all stakeholders. ECI’s management has led a best-in-class software organization and we believe there is considerable opportunity to further strengthen and expand the Company’s software offering. We look forward to continue working with Apax and the management team through the next phase of the Company’s growth.”
Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said: “Our investment in ECI aligns with GIC’s commitment to support market-leading companies with long-term growth potential. With its deep market knowledge and unyielding customer focus, ECI has built a strong portfolio of purpose-built products that SMB customers need. We are excited to partner with ECI’s proven management team, and our partners at Apax and LGP, in supporting the next phase of ECI’s journey.”
Barclays and Centerview Partners LLC acted as joint co-lead financial advisors and Skadden, Arps, Slate, Meager & Flom acted as legal advisor to Apax. Jefferies LLC and Moelis & Company LLC acted as joint co-lead financial advisors, and Latham & Watkins LLP acted as legal advisor to ECI.
Apax Partners LLP is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and transform businesses. The firm has raised and advised funds with aggregate commitments of nearly $80 billion. Apax Funds invest in companies across three global sectors: Tech, Services, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information, visit www.apax.com. Apax is authorized and regulated by the Financial Conduct Authority in the UK.
ECI Software Solutions provides cloud-based business software for running small and mid-sized businesses end to end. Built by experts in manufacturing, residential construction, building supply, office technology and wholesale/retail distribution industries, ECI's industry-specific software connects businesses and customers, improving visibility, operational efficiency and profitability. With ECI, businesses seamlessly integrate sales and marketing, business intelligence, CRM, data and analytics, ecommerce, mobile apps and payment processing. With more than 30 years of industry leadership, ECI is trusted by 25,000 customers in more than 80 countries globally. Headquartered in Westlake, Texas, it has offices in the U.S., Canada, Mexico, United Kingdom, Netherlands, Belgium, Norway and Australia. For more information, visit www.ECIsolutions.com.
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Leonard Green & Partners, L.P. is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has completed over 150 investments in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare and business services, as well as distribution and industrials. For more information, please visit www.leonardgreen.com.
GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital, and infrastructure. Its long-term approach, multi-asset capabilities, and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 2,300 people in 11 key financial cities and has investments in over 40 countries. For more information, please visit www.gic.com.sg.