AppFolio To Sell 100% Interest In Subsidiary MyCase To Apax Partners - Quick Facts

(RTTNews) - Software firm AppFolio, Inc. (APPF) announced Tuesday that it agreed to sell 100% of the equity interest of its wholly-owned subsidiary, MyCase, Inc., which provides legal practice and case management software solutions, to Funds advised by Apax Partners for approximately $193 million in cash.

The Apax Funds will support MyCase with increased investments in Product Development, Sales, and Marketing to continue its impressive growth trajectory. Veteran software executive, John Borgerding, former CEO of Accruent and SumTotal, will join the MyCase board after the closing of the transaction.

The transaction was approved by AppFolio's Board of Directors and is expected to close before the end of the third quarter, subject to regulatory approval and other closing conditions.