August Equity announces it has realised its investment in Wax Digital in a sale to Swedish software provider, Medius. The exit represents yet another very successful technology deal for August who has returned over £100m to investors in 2019 from its technology investments alone.
Wax is a high growth, cloud based spend management SaaS software provider offering its clients an integrated source-to-pay software platform. Its solutions are deployed in over 100 countries with 250,000+ users worldwide. Wax has been consistently recognised by Gartner as a Magic Quadrant “visionary” vendor during August’s ownership. August initially invested in Wax in November 2015 and supported the management team in growing its SaaS platform and helped their expansion into Europe and the US through the development of a channel partner base.
The exit was led by August Equity Partner, Mike Biddulph along with Richard Muckle and follows another highly successful technology exit earlier this year when August sold cyber security provider SecureData to Orange Telecom.