Apax backs MillTech in USD $60 million growth deal

Apax Digital Funds has invested USD $60 million in MillTech, valuing the London-based foreign exchange risk management firm at USD $325 million in a minority deal.

The investment gives MillTech fresh backing as it expands in North America, where companies face growing scrutiny over losses tied to unhedged currency exposure.

MillTech recorded revenue growth of 79% in 2024 and 73% in 2025. It also handles about USD $500 billion in annual trading volume and supports client hedging programmes worth more than USD $35 billion.

Founded in 2019, the company provides software and services for fund managers and corporates managing foreign exchange hedging and cash investments. Its platform combines trade calculation, execution, settlement, reporting and transaction cost analysis in a single system.

The model is designed to replace the manual, fragmented processes that still dominate many treasury operations. In a survey conducted by MillTech, eight in 10 companies reported losses from unhedged currency exposure in 2025, with average losses among US firms reaching USD $9.8 million.

Growth push

The new capital will support the next phase of expansion in North America and help broaden the product range. MillTech's ultimate group holding company will remain the majority shareholder.

Apax already knows both the company and the market well. It is also a MillTech customer and uses the platform across several of its funds for investment operations.

Sir Ronald Cohen, Co-founder of Apax, was an early backer of MillTech, underscoring the long-standing ties between the two groups as Apax deepens its involvement from user to shareholder.

Product range

MillTech has expanded beyond foreign exchange execution. It recently introduced a cash management product developed with BlackRock's CacheMatrix to automate cash investment workflows and help clients manage returns on cash balances.

The company has also launched Co-Pilot, an artificial intelligence-based risk advisory tool that helps clients automate trade calculation, test hedging strategies, assess interest rate differentials and manage cash deployment.

Its broader pitch is that treasury and currency risk processes can be centralised while maintaining links to banks, fund administrators, and existing treasury or portfolio management systems. MillTech operates independently of counterparty banks while offering access to the wholesale multi-bank market through its agency ISDA network.

That structure delivers average cost savings of more than 50% compared with traditional custody, prime brokerage or single-bank arrangements, according to MillTech. The company serves clients in the UK, the US, Canada and several European markets.

Investor view

Apax Digital focuses on growth equity and buyout investments in software, data and technology-enabled services companies. The MillTech deal adds a financial infrastructure software business to its portfolio at a time when market volatility and treasury control have become more prominent concerns for corporates and asset managers.

"I am thrilled to be broadening our partnership with Apax from a client to an investor. The investment is a strong endorsement of the value our platform delivers and the sheer magnitude of our long-term potential. This partnership supports our next phase of growth, including our planned North American expansion, as we continue to deliver industry-defining treasury solutions by combining purpose-built technology with our unique fiduciary DNA," Eric Huttman, Chief Executive Officer of MillTech, said.

"MillTech is a disruptive platform that enables clients, including Apax, to automate and scale core treasury workflows with stronger controls and transparency. By aggregating volumes across a high-quality bank panel, it sharpens pricing and improves FX efficiency," said Marc Henckel, Managing Director at Apax Digital.

"FX hedging is too often an invisible drag on performance. MillTech fixes that - and the strength of customer feedback we've had is remarkable. We are thrilled to partner with Eric and the team to bring this AI-enhanced platform to a much larger global audience," Mark Beith, Partner at Apax Digital, said.