Private equity-backed ODSA Topco Ltd. is set to buy software provider GlobalLogic Inc. for an undisclosed price.
ODSA is backed by funds advised by private equity firm Apax Partners.
The deal is expected to help McLean, Va.-based GlobalLogic grow its client base, which consists of mostly research and development aimed at helping companies develop products in the consumer electronics and medical device space. GlobalLogic is backed by investors that include Reston, Va.-based New Atlantic Ventures and Chevy Chase, Md.-based New Enterprise Associates. In 2012, the company had considered an initial public offering.
Royal Bank of Canada (TSE: RY) and Credit Suisse (NYSE: CS) advised Apax on the transaction and will provide financing, while Kirkland & Ellis LLP handled legal matters. GlobalLogic tapped JPMorgan Chase & Co. (NYSE: JPM) to run the sale process and Hogan Lovells US LLP as legal counsel.
Apax, headquartered in London and New York, has more than $40 million in assets under management. The firm has invested in several software companies, including Paradigm Ltd., which it purchased in 2012.