Apis Growth Fund I, a private equity fund managed by UK-based asset manager Apis Partners LLP, has announced a complete exit from its investment in ASEAN payments provider GHL.
The Fund’s stake has been acquired by NTT DATA Japan, a leading global technology company, which will take a controlling interest in GHL upon completion of the transaction.
Apis Partners is a specialist growth investor, focusing on opportunities at the intersection of finance and technology. The Fund invested in GHL in 2018 with a strategic plan to enhance the company’s operational capabilities and expand its market reach. This successful exit underscores Apis’ commitment to generating value for its investors while creating a positive societal impact.
GHL is ASEAN’s leading payment services provider, operating in Malaysia, the Philippines, and Thailand. The company offers a range of services including physical, online, and mobile payments, managing over 480,000 points of sale. Apis is pleased that GHL’s growth and expansion will be further supported by NTT DATA Japan.
During the Fund’s investment, Apis led multiple initiatives to strengthen GHL’s market position. Their sector-specific expertise helped drive efficiencies at eGHL, especially with the shift towards online payments during the COVID-19 pandemic. They also expanded GHL’s product offerings to include SME lending and buy now, pay later (BNPL) services. Apis’ extensive network was crucial in identifying and hiring new senior management, and their focus on ESG and Impact initiatives led to the development of GHL’s Sustainability Framework, launched in 2021.
Apis Partners co-founder and managing partner Matteo Stefanel said, “Today we announce our full disposal of the Fund’s investment in GHL and the Fund’s eighth exit. We have enjoyed a productive partnership with GHL over the years, and believe that the company’s new chapter with NTT DATA Japan will be equally prosperous.
“Through strategic guidance, operational expertise, and investment support, we have nurtured GHL’s growth, and look forward to the company continuing to flourish under its new ownership.”
Udayan Goyal, co-founder and managing partner at Apis Partners, added, “The exit from GHL marks another significant achievement for Apis and highlights our commitment to delivering value for our investors in parallel with positive impact for our portfolio companies and their clients. We are confident that GHL will continue to provide world-class payment solutions and continue driving the expansion of digital payments infrastructure across South East Asia. We look forward to following their future development with interest.”
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