Private equity firm Apax Partners has agreed to sell its stake in GlobalLogic, provider of digital product engineering services, to Partners Group. The transaction values GlobalLogic at over $2 billion.

Following the acquisition, Partners Group becomes an equal shareholder with existing investor Canada Pension Plan Investment Board (CPPIB) in the firm. Partners Group is a global private markets investment management firm with $74 billion in investment programmes under management in private equity, private real estate, private infrastructure and private debt.

Last year, Apax had sold 48% stake in GlobalLogic to CPPIB. With over $500 million in revenue, and over 20% organic growth rate, GlobalLogic has more than doubled in revenue and EBITDA since the Apax Funds first invested in the company in 2013, the company said in a statement on Monday.

GlobalLogic helps clients build innovative digital products that enhance customer engagement, and create new revenue streams and has nearly 12,000 employees worldwide, working at design studios and engineering centres across the globe.

With Partners Group on board, the company can leverage the firm’s relationships, as it looks to continue to grow the business, especially in Europe.

“Digital transformation throughout the economy is driving demand for next-generation product engineering services, a long-term trend we expect to continue for many years. GlobalLogic’s world-class network of software engineers assist clients to deploy cutting-edge software products that propel their businesses forward,” said Todd Miller, managing director, Private Equity Americas, at Partners Group in Denver, in a statement.

Apax Partners, a global private equity investment fund, has commitments of over $50 billion. It invests in companies in services, healthcare, tech and telco, and consumer sectors. Since opening its India office in Mumbai 2007, Apax has deployed over $1.5 billion across half a dozen investments in the country.

Digital product Engineering

Apax Partners to sell GlobalLogic stake