Summit makes a nice turn on Actix

There will be smiles on faces at Boston-headquartered private equity firm Summit Partners today with the news that it has sold its majority stake in Hammersmith-based mobile network performance analytics firm Actix to US-based telco billing software giant Amdocs for $120m cash. Summit backed Actix to the tune of $76m in March 2005. Last year (to 31st January 2012) Actix made a net profit of £1.5m on revenues of a little over £21m. Europe has been a healthy and growing market for Amdocs (see Europe is working for Amdocs) and on the face of it, Actix looks like it will be useful addition to the stable.