Funds advised by Apax Partners (the Apax Funds) have announced an agreement in principle to sell their stake in Exact Software (Exact), a leading provider of business and accounting software in the Benelux region, to KKR, a leading global investment firm.
Phill Robinson, Chief Executive Officer of Exact Software, said: We would like to thank Apax, who have been an incredibly supportive partner to Exact over the last 4 years.
Roy Mackenzie, Partner at Apax Partners, said: When the Apax Funds invested in Exact we saw an opportunity to back a business with leading products benefitting from the shift to cloud software.
Jean-Pierre Saad, Managing Director at KKR, said: We have known Phill and the Company for many years, and have been impressed with the growth they have achieved generally and in particular with Exact Online, one of Europes leading multitenant cloud software products.
LabCorp's first payment to EXACT Sciences of $15 million was made upon the signing of the agreement, and the second payment of $15 million will be made upon the commercial launch of PreGen-Plus, which is expected in the first half of 2003.
Mac Mahon continued, "Our agreement with EXACT Sciences is another example of LabCorp's pioneering leadership position in molecular diagnostics and our ability to recognize the potential of DNA-based testing.
"As the first DNA-based test that will be used for population-based cancer screening, PreGen-Plus truly changes the molecular diagnostics landscape," said Don Hardison, EXACT Sciences' President and CEO.
EXACT Sciences Corporation is an applied genomics company that has developed proprietary technologies that may be used for the early detection of several common cancers.
The growth in these expenses is largely due to costs associated with EXACT Sciences' multi-center clinical study of its PreGen-Plus(TM) technology in an asymptomatic, average-risk population that began in the second half of 2001.
As of March 31, 2002, EXACT Sciences had approximately $50 million in cash and cash equivalents on its balance sheet.
"First quarter 2002 marked important events for EXACT Sciences in research, clinical and marketing," remarked Don Hardison, EXACT Sciences' president and CEO.
Commercial: EXACT Sciences' PreGen-26(TM) technology, to detect colorectal cancer in people afflicted with the syndrome known as Hereditary Non-Polyposis Colorectal Cancer (HNPCC), is now being made commercially available through both EXACT Sciences and its partner, Laboratory Corporation of America(R) Holdings (LabCorp).