Aptos has received a strategic capital commitment from Goldman Sachs, in which funds affiliated with the investment bank’s Merchant Banking Division will acquire Aptos from its current private equity owner, Apax Partners. Official terms of the capital commitment have not been disclosed.
Apax Funds backed Aptos CEO Noel Goggin to spin off the business from Epicor Software in 2015. Since then, Aptos has operated as an independent company, more than doubling its customer base to become one of the largest global enterprise software providers focused exclusively on retail. In addition, the Apax Funds supported Aptos on a number of strategic acquisitions, including the purchase of BT Expedite in 2016 and the purchase of TXT Retail for $99 million in 2017, both of which strengthened the company’s presence in Europe and extended its product capabilities.
Under the ownership shift, Goldman Sachs is committed to strategically partnering with the Aptos management team to drive forward Aptos’ global growth plans, accelerate its product roadmap and customer success initiatives, and further strengthen Aptos’ leadership position in the retail software market.
“With the strength of Aptos’ executive team, the company is uniquely positioned to help retailers develop resilient and thriving enterprises that can adapt to shifting consumer trends and market conditions,” said Will Chen, Managing Director at Goldman Sachs in a statement. “We look forward to helping the company further scale the product innovations, customer success initiatives and global market expansions that have been hallmarks of Aptos’ preeminence to date.”
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The transaction is expected to close in the coming months.
