Apax to sell Canada's Trader Corp to Thoma Bravo for C$1.57 bn

US private equity firm Apax Partners yesterday struck a deal to sell Canadian advertiser for automotive dealers Trader Corp, to peer Thoma Bravo for about C$1.57 billion ($1.22 billion).

The purchase comes less than a month after Thomas Bravo acquired US data analytics firm Qlik Technologies Inc for about $3 billion.

Apax had acquired Trader Corp from Yellow Media Inc in 2011 for $762 million ($555.8 million).

As part of this deal, Apax also acquired a 30-per cent stake in Dealer.com, a provider of marketing and operation software and services to the auto industry. Apax sold Dealer.com in 2014 to Dealertrack Technologies Inc.

The Thoma Bravo acquisition of Trader Corp is expected to close by the fourth quarter of 2016, Thoma Bravo said in a statement.

Trader Corp is Canada's largest digital automotive marketplace and provides a set of marketing software solutions to Canadian automotive dealers.

Its market leading online properties - autoTRADER.ca, autoHEBDO.net and Autos.ca - attract 13 million visits per month and are used by over 5,000 dealers, listing over 450,000 vehicles.

''We're extremely impressed by TRADER's growth into the largest and most trusted digital automotive marketplace in Canada,'' said Holden Spaht, a managing partner at Thoma Bravo.

Sebastian Baldwin, president and CEO of Trader Corp, said, ''Thoma Bravo's track record of success in working with and growing software solutions companies makes them the ideal partner for the next phase of TRADER's growth.  We look forward to working closely with them to continue strengthening TRADER's market leading position.''