Apax Global Alpha Ltd on Thursday said it will acquire Zellis UK Ltd through one of its funds.

The Guernsey-based investment company is a limited partner in the Apax XI Fund which is set to acquire Zellis after reaching a definitive agreement on April 15.

Approximately €36 million is to be invested by Apax Global Alpha into Zellis, a provider of payroll and human resources software solutions in the UK.

‘Operating in a structurally growing market, Zellis group has strong core business fundamentals with a high degree of recurring revenue and customer retention...The investment thesis is to back Zellis as it continues to scale and grow market share in the UK and Ireland as well as internationally,’ said Apax Global Alpha.

Apax Global Alpha shares were up 2.0% to 141.80 pence each in London on Thursday morning.

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