AppFolio, Inc. (NASDAQ: APPF) (“AppFolio” or the “Company”), a leading provider of cloud-based business software solutions, services and data analytics, today announced that it has entered into a definitive agreement to sell 100% of the equity interest of its wholly-owned subsidiary, MyCase, Inc., which provides legal practice and case management software solutions, to Funds advised by Apax Partners (the “Apax Funds” or “Apax”) for approximately $193 million in cash.
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Founded in 2010, MyCase is a leading cloud-based legal practice management software designed to help firms run efficiently from anywhere, provide an exceptional client experience, and easily track firm performance so that firms can reach their business goals. MyCase covers the entire client lifecycle with Lead Management, Case Management, Billing and Invoicing, and robust Reporting. It includes market leading features such as integrated MyCase Payments, 2-way text messaging, and the MyCase Client Portal to centralize client communication and share files securely.
“I want to extend our gratitude to the MyCase team for the work they’ve done over the years building a business that puts their customers at the forefront of their decision-making and delivers exceptional products and services,” said Jason Randall, President and Chief Executive Officer, AppFolio, Inc. “We believe that people are the heart of our success, and are proud of the people behind MyCase. We all wish them the very best now and in the future.”
Kim Coalson, President of MyCase, stated, “Our mission at MyCase is to enable our customers’ success by providing powerful legal practice management software that modernizes the client experience and increases the efficiency of firm operations. The Apax Funds’ record of investing in software companies that become category leaders makes the partnership a great opportunity for MyCase to increase the breadth of our product and accelerate growth, while continuing to provide the high level of service our customers expect.”
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Umang Kajaria, Partner at Apax, said, “MyCase software and its integrated payments greatly simplify law firm operations, so legal professionals have more time to do what they love most – serving their clients. Increasing adoption of cloud-based legal software is driving rapid growth, and MyCase is a leader in modern legal practice management through its best-in-class product and customer centricity. We are excited to partner with Kim and the MyCase team to invest behind continued innovation and growth acceleration.”
The Apax Funds will support MyCase with increased investments in Product Development, Sales, and Marketing to continue its impressive growth trajectory. Veteran software executive, John Borgerding, former CEO of Accruent and SumTotal, will join the MyCase board after the closing of the transaction.
The transaction was approved by AppFolio’s Board of Directors and is expected to close before the end of the third quarter, subject to regulatory approval and other closing conditions.
Kirkland & Ellis LLP is serving as legal counsel to AppFolio and Simpson Thacher & Bartlett LLP is serving as legal counsel to Apax. Raymond James is serving as financial advisor to Apax in connection with the transaction.
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