Canada Pension Plan Investment Board will acquire an approximate 48 per cent stake in GlobalLogic Inc., a digital product development services company, from Apax Partners LLP, which will retain an equal stake in the company.

The San Jose, California-based company, which has more than 11,000 employees worldwide, helps brands design and build software and digital applications. Demand for the service has grown significantly in the past five years and is expected to continue to do so, according to a press release from the pension fund.

Read: CPPIB invests US$162M in Chinese shopping mall

“This is a compelling opportunity for CPPIB to back a highly successful management team in what is a rapidly growing and evolving software engineering services sector,” said Ryan Selwood, managing director and head of direct private equity at CPPIB, in the release.

“GlobalLogic performed strongly in the first three years of our collaboration thanks to its management team successfully executing on an ambitious global growth plan,” said Rohan Haldea, a partner at Apax Partners.

Shashank Samant, chief executive officer at GlobalLogic, added that the company has enjoyed a 20 per cent plus compound annual growth rate over the past three years. “We look forward to leveraging the combined resources of Apax and CPPIB, . . . to help us continue our strategy and execute our growth agenda for years to come.”

Read: CPPIB to acquire Ascot Underwriting for US$1.1B

Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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