apax partners

wiki<div>Apax Partners LLP is a UK-based <a href="http://en.wikipedia.org/wiki/Private_equity" title="Private equity" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">private equity</a> and <a href="http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">venture capital</a> firm, headquartered in London, England. The company also operates out of eight other offices in<a href="http://en.wikipedia.org/wiki/New_York" title="New York" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">New York</a>, <a href="http://en.wikipedia.org/wiki/Hong_Kong" title="Hong Kong" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Hong Kong</a>, <a href="http://en.wikipedia.org/wiki/Mumbai" title="Mumbai" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Mumbai</a>, <a href="http://en.wikipedia.org/wiki/Tel_Aviv" title="Tel Aviv" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Tel Aviv</a>, <a href="http://en.wikipedia.org/wiki/Madrid" title="Madrid" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Madrid</a>, <a href="http://en.wikipedia.org/wiki/Stockholm" title="Stockholm" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Stockholm</a>, <a href="http://en.wikipedia.org/wiki/Milan" title="Milan" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Milan</a> and <a href="http://en.wikipedia.org/wiki/Munich" title="Munich" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Munich</a>. The firm, including its various predecessors, have raised approximately $35 <a href="http://en.wikipedia.org/wiki/1000000000(number)" title="1000000000 (number)" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">billion</a> (USD) dating back to 1969. Apax Partners is one of the oldest and largest private equity firms operating on an international basis, <a href="http://en.wikipedia.org/wiki/List_of_private_equity_firms" title="List of private equity firms" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">ranked the seventh largest private equity firm globally</a>.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-1" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[1]</a>Apax invests exclusively in certain business sectors including: <a href="http://en.wikipedia.org/wiki/Telecommunication" title="Telecommunication" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">telecommunications</a>, <a href="http://en.wikipedia.org/wiki/Information_technology" title="Information technology" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">information technology</a>, <a href="http://en.wikipedia.org/wiki/Retail" title="Retail" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">retail</a> and <a href="http://en.wikipedia.org/wiki/Final_good" title="Final good" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">consumer products</a>, <a href="http://en.wikipedia.org/wiki/Mass_media" title="Mass media" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">media</a>, <a href="http://en.wikipedia.org/wiki/Health_care" title="Health care" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">healthcare</a> and <a href="http://en.wikipedia.org/wiki/Financial_services" title="Financial services" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">financial</a>and business services. As of the end of 2007, Apax had invested in approximately 340 companies in all stages of development.Apax raises capital for its investment funds through <a href="http://en.wikipedia.org/wiki/Institutional_investor" title="Institutional investor" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">institutional investors</a> including corporate and public <a href="http://en.wikipedia.org/wiki/Pension_fund" title="Pension fund" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">pension funds</a>, university and college <a href="http://en.wikipedia.org/wiki/Financial_endowment" title="Financial endowment" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">endowments</a>, <a href="http://en.wikipedia.org/wiki/Foundation(nonprofit_organization)" title="Foundation (nonprofit organization)" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">foundations</a>and <a href="http://en.wikipedia.org/wiki/Fund_of_funds" title="Fund of funds" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">fund of funds</a>. One of the firm's co-founders, <a href="http://en.wikipedia.org/wiki/Alan_Patricof" title="Alan Patricof" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Alan Patricof</a>, was an early investor in <a href="http://en.wikipedia.org/wiki/Apple_Inc." title="Apple Inc." style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Apple Computer</a> and <a href="http://en.wikipedia.org/wiki/AOL" title="AOL" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">America Online</a> (AOL).<div id="toc" class="toc" style="border: 1px solid rgb(170, 170, 170); padding: 7px; font-size: 13.3000001907349px; display: table; zoom: 1; color: rgb(37, 37, 37); background-color: rgb(249, 249, 249);"><div id="toctitle" style="direction: ltr; text-align: center;"><h2 style="color: black; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border: none; font-size: 13.3000001907349px; display: inline; line-height: 1.3; background: none;">Contents</h2>  [<a href="http://en.wikipedia.org/wiki/Apax_Partners#" id="togglelink" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">hide</a>] </div><ul style="line-height: 1.5em; list-style-type: none; margin: 0.3em 0px; padding: 0px; list-style-image: none;"><li class="toclevel-1 tocsection-1" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#History" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">1 History</a><ul style="line-height: 1.5em; list-style-type: none; margin: 0px 0px 0px 2em; padding: 0px; list-style-image: none;"><li class="toclevel-2 tocsection-2" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#Patricof.26_Co.and_MMG" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">1.1 Patricof & Co. and MMG</a></li><li class="toclevel-2 tocsection-3" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#Apax_in_the_1980s.2C_1990s_and_the_21st_century" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">1.2 Apax in the 1980s, 1990s and the 21st century</a></li><li class="toclevel-2 tocsection-4" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#Saunders_Karp.26_Megrue" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">1.3 Saunders Karp & Megrue</a></li></ul></li><li class="toclevel-1 tocsection-5" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#Investments" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">2 Investments</a></li><li class="toclevel-1 tocsection-6" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#Criticisms" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">3 Criticisms</a></li><li class="toclevel-1 tocsection-7" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#References" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">4 References</a></li><li class="toclevel-1 tocsection-8" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#External_links" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">5 External links</a></li><li class="toclevel-1 tocsection-9" style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/Apax_Partners#See_also" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">6 See also</a></li></ul></div><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); font-family: 'Linux Libertine', Georgia, Times, serif; line-height: 1.3; background: none rgb(255, 255, 255);">History<span class="mw-editsection" style="-webkit-user-select: none; font-size: small; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Apax_Partners&action=edit&section=1" title="Edit section: History" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><table class="vertical-navbox nowraplinks" style="font-size: 12.3199996948242px; color: rgb(37, 37, 37); float: right; clear: right; width: 22em; margin: 0px 0px 1em 1em; border: 1px solid rgb(170, 170, 170); padding: 0.2em; border-spacing: 0.4em 0px; text-align: center; line-height: 1.4em; background: rgb(249, 249, 249);"><tbody><tr><th style="padding: 0.2em 0.4em; line-height: 1.2em; font-size: 13.5519990921021px;"><a href="http://en.wikipedia.org/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">History of private equity
and venture capital</a></th></tr><tr><th style="padding: 0.1em; border-top-color: rgb(170, 170, 170); border-top-width: 1px; border-top-style: solid;"><a href="http://en.wikipedia.org/wiki/Early_history_of_private_equity" title="Early history of private equity" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">Early history</a></th></tr><tr><td style="padding: 0px 0.1em 0.4em;">(Origins of modern <a href="http://en.wikipedia.org/wiki/Private_equity" title="Private equity" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">private equity</a>)</td></tr><tr><th style="padding: 0.1em; border-top-color: rgb(170, 170, 170); border-top-width: 1px; border-top-style: solid;"><a href="http://en.wikipedia.org/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">The 1980s</a></th></tr><tr><td style="padding: 0px 0.1em 0.4em;">(<a href="http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">Leveraged buyout</a> boom)</td></tr><tr><th style="padding: 0.1em; border-top-color: rgb(170, 170, 170); border-top-width: 1px; border-top-style: solid;"><a href="http://en.wikipedia.org/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">The 1990s</a></th></tr><tr><td style="padding: 0px 0.1em 0.4em;">(<a href="http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">Leveraged buyout</a> and the <a href="http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">venture capital</a>bubble)</td></tr><tr><th style="padding: 0.1em; border-top-color: rgb(170, 170, 170); border-top-width: 1px; border-top-style: solid;"><a href="http://en.wikipedia.org/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">The 2000s</a></th></tr><tr><td style="padding: 0px 0.1em 0.4em;">(<a href="http://en.wikipedia.org/wiki/Dot-com_bubble" title="Dot-com bubble" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">Dot-com bubble</a> to the <a href="http://en.wikipedia.org/wiki/Credit_crunch" title="Credit crunch" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">credit crunch</a>)</td></tr><tr><td style="text-align: right; font-size: 14.1679992675781px;"><div class="plainlinks hlist navbar mini" style="display: inline; font-size: 12.4678392410278px;"><ul style="line-height: inherit; margin: 0px; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); display: inline; white-space: nowrap;"><li class="nv-view" style="margin: 0px; display: inline; word-spacing: -0.125em;"><a href="http://en.wikipedia.org/wiki/Template:History_of_private_equity_and_venture_capital" title="Template:History of private equity and venture capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">v</a></li><li class="nv-talk" style="margin: 0px; display: inline; word-spacing: -0.125em;"><a href="http://en.wikipedia.org/wiki/Template_talk:History_of_private_equity_and_venture_capital" title="Template talk:History of private equity and venture capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">t</a></li><li class="nv-edit" style="margin: 0px; display: inline; word-spacing: -0.125em;"><a class="external text" href="http://en.wikipedia.org/w/index.php?title=Template:History_of_private_equity_and_venture_capital&action=edit" style="text-decoration: none; color: rgb(102, 51, 102); padding: 0px !important; background: none !important;">e</a></li></ul></div></td></tr></tbody></table>Apax Partners Worldwide is the product of the combination of three firms:<ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">Patricof & Co., founded in 1969 in New York by pioneering venture capitalist <a href="http://en.wikipedia.org/wiki/Alan_Patricof" title="Alan Patricof" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Alan Patricof</a>;</li><li style="margin-bottom: 0.1em;">Multinational Management Group (MMG), founded in 1972 by <a href="http://en.wikipedia.org/wiki/Ronald_Cohen" title="Ronald Cohen" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Sir Ronald Cohen</a> and Maurice Tchénio;<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-namechange-2" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a></li><li style="margin-bottom: 0.1em;">Saunders Karp & Megrue, founded in 1988 by <a href="http://en.wikipedia.org/wiki/Thomas_A.Saunders_III" title="Thomas A. Saunders III" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Thomas A. Saunders III</a> and Allan W. Karp and joined by John Megrue in 1992.</li></ul><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Patricof & Co. and MMG<span class="mw-editsection" style="-webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Apax_Partners&action=edit&section=2" title="Edit section: Patricof & Co. and MMG" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>In 1969, <a href="http://en.wikipedia.org/wiki/Alan_Patricof" title="Alan Patricof" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Alan Patricof</a> founded Patricof & Co. a firm dedicated to making investments in "development capital" later known as "venture capital," primarily in small early-stage companies. Patricof, one of the early venture capitalists, was involved in the development of numerous major companies including <a href="http://en.wikipedia.org/wiki/AOL" title="AOL" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">America Online</a>, <a href="http://en.wikipedia.org/wiki/Office_Depot" title="Office Depot" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Office Depot</a>,<a href="http://en.wikipedia.org/wiki/Cadence_Design_Systems" title="Cadence Design Systems" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Cadence Design Systems</a>, <a href="http://en.wikipedia.org/wiki/Apple_Inc." title="Apple Inc." style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Apple Computer</a> and <a href="http://en.wikipedia.org/wiki/FORE_Systems" title="FORE Systems" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">FORE Systems</a>.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-3" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[3]</a> In 1975, Patricof launched 53rd Street Ventures, a $10 million vehicle.Meanwhile, in 1972, <a href="http://en.wikipedia.org/wiki/Ronald_Cohen" title="Ronald Cohen" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Sir Ronald Cohen</a> and <a href="http://en.wikipedia.org/w/index.php?title=Maurice_Tch%C3%A9nio&action=edit&redlink=1" class="new" title="Maurice Tchénio (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Maurice Tchénio</a>, along with two other partners, founded Multinational Management Group (MMG) with offices in London, Paris, and Chicago. MMG initially was established as an advisory firm, working with small emerging companies, rather than an investment firm. However, MMG initially struggled to gain traction amid the negative economic conditions, particularly in the UK in the mid-1970s.By 1977, two of the original four founding partners had left MMG, leaving Cohen and Tchénio in need of a partner to help rejuvenate their firm. In that year, Cohen approached Alan Patricof to join them and run the new firm's investments in the U.S. The new firm would be known as Alan Patricof Associates (APA) and ultimately come to be known as Apax Partners (based on a play on Patricof's name: Alan Patricof Associates Cross (x) Border). Following the merger, MMG abandoned its advising business, and the new APA shifted its focus exclusively to investing in <a href="http://en.wikipedia.org/wiki/Startup_company" title="Startup company" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">start-up</a> companies.<h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Apax in the 1980s, 1990s and the 21st century<span class="mw-editsection" style="-webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Apax_Partners&action=edit&section=3" title="Edit section: Apax in the 1980s, 1990s and the 21st century" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>Throughout the 1980s, the firm grew steadily raising capital under a series of separate funds. As the 1980s progressed, the firm introduced its first later stage venture fund in 1984, its first <a href="http://en.wikipedia.org/wiki/Growth_capital" title="Growth capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">growth capital</a> fund in 1987 and its first dedicated European <a href="http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">leveraged buyout</a> fund MMG Patricof European Buy-In Fund in 1989.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-vxpert-4" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[4]</a> In response to the changing conditions, in the <a href="http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">venture capital</a> industry in the 1980s Apax (and other early venture capital firms including <a href="http://en.wikipedia.org/wiki/Warburg_Pincus" title="Warburg Pincus" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Warburg Pincus</a> and <a href="http://en.wikipedia.org/wiki/J.H.Whitney%26_Company" title="J.H. Whitney & Company" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">J.H. Whitney & Company</a>) began to transition away from <a href="http://en.wikipedia.org/wiki/Venture_capital" title="Venture capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">venture capital</a> toward leveraged buyouts and growth capital investments, which were in vogue in that decade.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-VCVigor-5" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[5]</a><a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-6" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[6]</a> This trend was more prevalent in Europe than the U.S. where Patricof preferred to continue focusing on venture investments.In 1991, Apax Partners became the official name for all of its European operations however the U.S. business still operated under the Patricof & Co. name. By the mid-1990s Apax had become one of the larger private equity firms globally.In 2000, Patricof & Co. adopted the Apax Partners branding and formalized its affiliation with its European business. The U.S. business would operate as Apax Partners, Inc.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-namechange-2" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[2]</a> The following year, Patricof stepped back from day-to-day management of Apax Partners, Inc., the US arm of the firm to return to his original focus on making venture capital investments in small early-stage companies. In 2006, Patricof left Apax to form <a href="http://en.wikipedia.org/wiki/Greycroft_Partners" title="Greycroft Partners" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Greycroft Partners</a> which focuses on small early-stage venture capital investments.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-7" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[7]</a>Despite the closer relations between the U.S. and European teams, the firm still operated separate fund entities for each geography. The European side of the business began to pull away in terms of capital commitments, raising more than $5 billion for its 2004 vintage European fund but just $1 billion for its 2006 U.S. vintage fund.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-vxpert-4" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[4]</a><h3 style="margin: 0.3em 0px 0px; overflow: hidden; padding-top: 0.5em; padding-bottom: 0px; border-bottom-style: none; line-height: 1.6; background: none rgb(255, 255, 255);">Saunders Karp & Megrue<span class="mw-editsection" style="-webkit-user-select: none; font-size: small; font-weight: normal; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate;">[<a href="http://en.wikipedia.org/w/index.php?title=Apax_Partners&action=edit&section=4" title="Edit section: Saunders Karp & Megrue" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h3>In 2005, Apax announced it would acquire middle market <a href="http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">leveraged buyout</a> firm <a href="http://en.wikipedia.org/wiki/Saunders_Karp%26_Megrue" title="Saunders Karp & Megrue" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Saunders Karp & Megrue</a> to augment its buyout business in the United States Saunders Karp, formerly based in <a href="http://en.wikipedia.org/wiki/Stamford,Connecticut" title="Stamford, Connecticut" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Stamford, Connecticut</a>, was founded in 1989 by Thomas A. Saunders III and Allan W. Karp. John Megrue, who today heads Apax's operations in the U.S., had worked as a principal at <a href="http://en.wikipedia.org/wiki/Patricof%26_Co." title="Patricof & Co." class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Patricof & Co.</a> before joining Saunders Karp in 1992.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-8" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[8]</a> Saunders Karp had received capital commitments from <a href="http://en.wikipedia.org/wiki/Institutional_investor" title="Institutional investor" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">institutional investors</a> including <a href="http://en.wikipedia.org/wiki/AT%26T_Corporation" title="AT&T Corporation" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">AT&T Corporation</a>, <a href="http://en.wikipedia.org/wiki/General_Electric" title="General Electric" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">the General Electric Pension Trust</a>, <a href="http://en.wikipedia.org/wiki/Goldman_Sachs" title="Goldman Sachs" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Goldman Sachs Private Equity Group</a>, <a href="http://en.wikipedia.org/wiki/HarbourVest_Partners" title="HarbourVest Partners" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">HarbourVest Partners</a>, <a href="http://en.wikipedia.org/wiki/JPMorgan_Chase" title="JPMorgan Chase" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">JP Morgan Fleming Asset Management</a>, <a href="http://en.wikipedia.org/wiki/New_York_State_Common_Retirement_Fund" title="New York State Common Retirement Fund" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">New York State Common Retirement Fund</a> and <a href="http://en.wikipedia.org/wiki/Verizon" title="Verizon" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Verizon</a>, among others.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-9" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[9]</a><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); font-family: 'Linux Libertine', Georgia, Times, serif; line-height: 1.3; background: none rgb(255, 255, 255);">Investments<span class="mw-editsection" style="-webkit-user-select: none; font-size: small; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Apax_Partners&action=edit&section=5" title="Edit section: Investments" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2><table class="metadata plainlinks ambox ambox-content ambox-Update" role="presentation" style="font-size: 14px; margin: 0px 135.796875px; border-width: 1px 1px 1px 10px; border-style: solid; border-color: rgb(170, 170, 170) rgb(170, 170, 170) rgb(170, 170, 170) rgb(242, 133, 0); color: rgb(37, 37, 37); line-height: 22.3999996185303px; background: rgb(251, 251, 251);"><tbody><tr><td class="mbox-image" style="border: none; padding: 2px 0px 2px 0.5em; text-align: center;"><div style="width: 52px;"><a href="http://en.wikipedia.org/wiki/File:Ambox_current_red.svg" class="image" style="text-decoration: none; color: rgb(11, 0, 128); background: none;"><img alt="Ambox current red.svg" src="http://upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/42px-Ambox_current_red.svg.png" width="42" height="34" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/63px-Ambox_current_red.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/98/Ambox_current_red.svg/84px-Ambox_current_red.svg.png 2x" data-file-width="360" data-file-height="290" style="border: none; vertical-align: middle;" /></a></div></td><td class="mbox-text" style="border: none; padding: 0.25em 0.5em; width: 996px;">This article is outdated. Please update this section to reflect recent events or newly available information. (September 2009)</td></tr></tbody></table><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">Pre-2000</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">In 1998, Apax invested in Neurodynamics Limited, which was the parent of <a href="http://en.wikipedia.org/wiki/Autonomy_Corporation" title="Autonomy Corporation" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Autonomy Corporation</a>.</li><li style="margin-bottom: 0.1em;"><a href="http://en.wikipedia.org/wiki/BT_Group" title="BT Group" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">British Telecom</a> restructured, and agreed to sell the <a href="http://en.wikipedia.org/wiki/Yell_Group" title="Yell Group" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Yell Group</a> <a href="http://en.wikipedia.org/wiki/Yellow_pages" title="Yellow pages" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Yellow pages</a> directory business to Apax and <a href="http://en.wikipedia.org/wiki/Lion_Capital_LLP" title="Lion Capital LLP" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Lion Capital LLP</a> for £2.14 billion/$3.5 billion,<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-10" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[10]</a> making it then the largest non-corporate LBO in European history. Yell bought US directories publisher McLeodUSA for about $600 million the following year,<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-11" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[11]</a> and floated on London's <a href="http://en.wikipedia.org/wiki/FTSE_100_Index" title="FTSE 100 Index" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">FTSE</a> in 2003.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-12" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[12]</a></li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2004</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">Apax purchased <a href="http://en.wikipedia.org/wiki/PCM_Uitgevers" title="PCM Uitgevers" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">PCM Uitgevers</a>.</li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2005</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">Apax purchased a majority stake in <a href="http://en.wikipedia.org/wiki/Travelex" title="Travelex" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Travelex</a> (the world's largest foreign exchange company) for £1.06bn. In Q3 2005 Apax also announced plans to purchase <a href="http://en.wikipedia.org/w/index.php?title=Grupo_Panrico&action=edit&redlink=1" class="new" title="Grupo Panrico (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Grupo Panrico</a>, one of <a href="http://en.wikipedia.org/wiki/Spain" title="Spain" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Spain's</a> largest food companies and its largest bakery company.</li><li style="margin-bottom: 0.1em;">A partnership consisting of Apax, <a href="http://en.wikipedia.org/wiki/Saban_Capital_Group" title="Saban Capital Group" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Saban Capital Group</a> and Arkin Communications acquired the controlling interest (30%) in Israeli telecommunications company <a href="http://en.wikipedia.org/wiki/Bezeq" title="Bezeq" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Bezeq</a> in October 2005 for $923 million.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-13" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[13]</a> The partnership sold its stake to Internet Gold – Golden Lines Ltd. subsidiary <a href="http://en.wikipedia.org/wiki/B_Communications" title="B Communications" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">B Communications</a> in April 2010 for $1.75 billion.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-14" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[14]</a></li><li style="margin-bottom: 0.1em;">As part of the Violet Acquisitions consortium (along with <a href="http://en.wikipedia.org/wiki/Barclays_Capital" title="Barclays Capital" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Barclays Capital</a> and <a href="http://en.wikipedia.org/wiki/Robert_Tchenguiz" title="Robert Tchenguiz" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Robert Tchenguiz</a>) Apax is involved in the December 2005 purchase of <a href="http://en.wikipedia.org/wiki/Somerfield" title="Somerfield" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Somerfield</a>, the UK's fifth largest supermarket chain (with around 700 stores).[<a href="http://en.wikipedia.org/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">citation needed</a>] Somerfield was later sold to <a href="http://en.wikipedia.org/wiki/The_Co-operative_Group" title="The Co-operative Group" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">The Co-operative Group</a> in March 2009.</li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2006</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">Apax purchased the <a href="http://en.wikipedia.org/wiki/Tommy_Hilfiger_Corporation" title="Tommy Hilfiger Corporation" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Tommy Hilfiger Corporation</a> for $1.6 billion, or $16.80 a share, all in cash. In May 2006, this deal was approved by the shareholders of Tommy Hilfiger.</li><li style="margin-bottom: 0.1em;">In June 2006, Apax acquired <a href="http://en.wikipedia.org/wiki/HIT_Entertainment" title="HIT Entertainment" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">HIT Entertainment</a> in a take-private transaction in June 2006.</li><li style="margin-bottom: 0.1em;">Apax acquired a majority stake in <a href="http://en.wikipedia.org/w/index.php?title=Pictage,Inc.&action=edit&redlink=1" class="new" title="Pictage, Inc. (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Pictage, Inc.</a> the leading provider of online <a href="http://en.wikipedia.org/wiki/Solution" title="Solution" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">solutions</a>[<a href="http://en.wikipedia.org/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">clarification needed</a>] for professional wedding and portrait photographers. Pictage, Inc. was co-founded by <a href="http://en.wikipedia.org/wiki/Gary_Fong" title="Gary Fong" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Gary Fong</a>.</li><li style="margin-bottom: 0.1em;">On August 21, 2006, it was announced that Apax Partners and <a href="http://en.wikipedia.org/wiki/Bain_Capital" title="Bain Capital" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Bain Capital</a> had joined the enlarged private equity consortium headed by <a href="http://en.wikipedia.org/wiki/Kohlberg_Kravis_Roberts%26_Co." title="Kohlberg Kravis Roberts & Co." class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">KKR</a> that has agreed to acquire an 80.1% stake in the Semiconductor Division of <a href="http://en.wikipedia.org/wiki/Philips" title="Philips" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Royal Philips Electronics</a>. The new company is called <a href="http://en.wikipedia.org/wiki/NXP_Semiconductors" title="NXP Semiconductors" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">NXP Semiconductors</a>.</li><li style="margin-bottom: 0.1em;">On October 31, 2006, it was announced that Apax Partners had acquired FTMSC (<a href="http://en.wikipedia.org/wiki/Orange_S.A." title="Orange S.A." style="text-decoration: none; color: rgb(11, 0, 128); background: none;">France Télécom</a> Mobile Satellite Communications) which would later be rebranded under the <a href="http://en.wikipedia.org/wiki/Vizada" title="Vizada" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Vizada</a> name in June 2007. This was shortly followed by an announcement on September 6, 2007 explaining that Apax Partners had acquired <a href="http://en.wikipedia.org/wiki/Telenor" title="Telenor" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Telenor</a> Satellite Services which was to be merged into the Vizada brand.</li><li style="margin-bottom: 0.1em;">On November 20, 2006, Apax Partners Worldwide LLP won a tender to buy control of <a href="http://en.wikipedia.org/wiki/Tnuva" title="Tnuva" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Tnuva</a>. The bid values the privately held food and dairy group at $1.025 billion.</li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2007</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">In May 2007, Apax signed definitive agreements with funds advised by Apax Partners and <a href="http://en.wikipedia.org/wiki/OMERS_Capital_Partners" title="OMERS Capital Partners" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">OMERS Capital Partners</a> under which such funds acquired the higher education, careers and library reference assets of<a href="http://en.wikipedia.org/wiki/Thomson_Learning" title="Thomson Learning" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Thomson Learning</a>, and a consortium of funds advised by <a href="http://en.wikipedia.org/wiki/OMERS" title="OMERS" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">OMERS</a>, and Apax acquired <a href="http://en.wikipedia.org/w/index.php?title=Nelson_Canada&action=edit&redlink=1" class="new" title="Nelson Canada (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Nelson Canada</a>, for a combined total value of approximately $7.75 billion[<a href="http://en.wikipedia.org/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">clarification needed</a>] in cash. The higher education, careers and library reference assets include such well-known brands and businesses as: Wadsworth, South-Western, Delmar Learning, Eddie Diamond, Gale, Heinle, Brooks/Cole, Course Technology and Nelson Canada. Nelson Canada is a leading provider of books and online resources for the educational market in Canada. The group will be majority-owned by OMERS. The name was changed to <a href="http://en.wikipedia.org/wiki/Cengage_Learning" title="Cengage Learning" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Cengage Learning</a>, on 24 July 2007.</li><li style="margin-bottom: 0.1em;">Apax abandoned PCM Uitgevers.</li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2008</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">In January 2008 Apax purchased the <a href="http://en.wikipedia.org/wiki/Tnuva" title="Tnuva" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Tnuva</a> company for $1.025 billion.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-15" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[15]</a></li><li style="margin-bottom: 0.1em;">In August 2008, Apax Partners completed acquisition of <a href="http://en.wikipedia.org/w/index.php?title=TriZetto_Group&action=edit&redlink=1" class="new" title="TriZetto Group (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">TriZetto Group</a>.</li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2009</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">In August 2009, Apax Partners completed acquisition of <a href="http://en.wikipedia.org/wiki/Bankrate" title="Bankrate" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Bankrate</a>.</li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2010</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">In January 2010, Apax Partners acquired 76.8% of <a href="http://en.wikipedia.org/wiki/Israel" title="Israel" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Israel</a>-based <a href="http://en.wikipedia.org/wiki/Psagot_Investment_House" title="Psagot Investment House" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Psagot Investment House</a> for $570 million.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-16" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[16]</a></li><li style="margin-bottom: 0.1em;">In April 2010, Apax Partners announced acquisition of <a href="http://en.wikipedia.org/wiki/Tivit" title="Tivit" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Tivit</a>.</li><li style="margin-bottom: 0.1em;">In May 2010, Apax Partners acquired a 70% stake in <a href="http://en.wikipedia.org/wiki/Sophos" title="Sophos" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Sophos</a> for $580 million.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-17" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[17]</a></li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2011</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">On March 25, 2011, Apax Partners announced that it had reached a definitive agreement to purchase <a href="http://en.wikipedia.org/w/index.php?title=Trader_Corporation&action=edit&redlink=1" class="new" title="Trader Corporation (page does not exist)" style="text-decoration: none; color: rgb(165, 88, 88); background: none;">Trader Corporation</a> (“Trader”) from <a href="http://en.wikipedia.org/wiki/Yellow_Media" title="Yellow Media" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Yellow Media</a> for a purchase price consideration of $745M.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-18" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[18]</a></li><li style="margin-bottom: 0.1em;">On December 23, 2011, Apax Partners announced acquisition of the Swiss branch of <a href="http://en.wikipedia.org/wiki/Orange_S.A." title="Orange S.A." style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Orange</a>.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-19" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[19]</a></li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2012</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">On June 11, 2012, an Apax-led consortium announced acquisition of Paradigm Ltd.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-20" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[20]</a></li><li style="margin-bottom: 0.1em;">On September 2012, Apax Partners forms consortium with CEO Stephen Cretier for GardaWorld Security Services.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-21" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[21]</a></li><li style="margin-bottom: 0.1em;">On November 2012, Apax Partners agrees to acquire <a href="http://en.wikipedia.org/wiki/Cole_Haan" title="Cole Haan" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Cole Haan</a> and completes acquisition February 4, 2013.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-22" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[22]</a></li></ul><dl style="margin-top: 0.2em; margin-bottom: 0.5em; color: rgb(37, 37, 37); font-size: 14px; line-height: 22.3999996185303px; background-color: rgb(255, 255, 255);"><dt style="font-weight: bold; margin-bottom: 0.1em;">2014</dt></dl><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">On January 21, 2014 Apax bought out the remaining 50.1% share of Trader Media from the Guardian Media Group,<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-23" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[23]</a></li></ul><ul style="line-height: 1.5em; margin: 0.3em 0px 0px 1.6em; padding: 0px; list-style-image: url(data:image/svg+xml,%3C%3Fxml%20version%3D%221.0%22%20encoding%3D%22UTF-8%22%3F%3E%0A%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20version%3D%221.1%22%20width%3D%225%22%20height%3D%2213%22%3E%0A%3Ccircle%20cx%3D%222.5%22%20cy%3D%229.5%22%20r%3D%222.5%22%20fill%3D%22%2300528c%22%2F%3E%0A%3C%2Fsvg%3E%0A); color: rgb(37, 37, 37); font-size: 14px; background-color: rgb(255, 255, 255);"><li style="margin-bottom: 0.1em;">On December 8, 2014 Apax announced that it had entered into a transaction agreement to acquire 100% of the shares of <a href="http://en.wikipedia.org/wiki/EVRY" title="EVRY" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">EVRY</a>,<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-24" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[24]</a></li></ul><h2 style="font-weight: normal; margin: 1em 0px 0.25em; overflow: hidden; padding: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(170, 170, 170); font-family: 'Linux Libertine', Georgia, Times, serif; line-height: 1.3; background: none rgb(255, 255, 255);">Criticisms<span class="mw-editsection" style="-webkit-user-select: none; font-size: small; margin-left: 1em; vertical-align: baseline; line-height: 1em; display: inline-block; white-space: nowrap; unicode-bidi: -webkit-isolate; font-family: sans-serif;">[<a href="http://en.wikipedia.org/w/index.php?title=Apax_Partners&action=edit&section=6" title="Edit section: Criticisms" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">edit</a>]</h2>The circumstances surrounding the demerger, transfer of assets and subsequent collapse of the <a href="http://en.wikipedia.org/wiki/British_United_Shoe_Machinery#Failed_Flotation.2C_Apax_Partners_and_pension_collapse" title="British United Shoe Machinery" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">British United Shoe Machinery</a> in 2000 led to questions about Apax's behaviour being raised in Parliament by MPs of both main parties. After calls for an enquiry into the loss of hundreds of pensions were refused, Dr <a href="http://en.wikipedia.org/wiki/Ros_Altmann" title="Ros Altmann" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Ros Altmann</a> described "one of the worst cases ..I have seen ..the actions of the former owners - Apax have been immoral" whilst the late Dr <a href="http://en.wikipedia.org/wiki/Ashok_Kumar" title="Ashok Kumar" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">Ashok Kumar</a> said, "I think these people needed flogging" ..these are greedy, selfish, capitalists who live on the backs of others.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-nick-25" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[25]</a>Apax Partners has been condemned for its unethical and predatory practices. After the company had profited from a <a href="http://en.wikipedia.org/wiki/Leveraged_buyout" title="Leveraged buyout" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">leveraged buyout</a> of Dutch publishers <a href="http://en.wikipedia.org/wiki/PCM_Uitgevers" title="PCM Uitgevers" class="mw-redirect" style="text-decoration: none; color: rgb(11, 0, 128); background: none;">PCM</a> (it acquired the company, saddled the company with huge debts, then sold it off for a profit), the business court of Amsterdam criticized Apax Partners for not keeping the works council informed.<a href="http://en.wikipedia.org/wiki/Apax_Partners#cite_note-26" style="text-decoration: none; color: rgb(11, 0, 128); white-space: nowrap; background: none;">[26]</a> The case against PCM had been brought by journalists' union NVJ and general trade union FNV.</div><div>===</div>