Apax Digital Invests $60 Million in MillTech, Valuing Company at $325 Million
MillTech, a platform that specializes in risk management and next-generation FX hedging solutions for fund managers and corporations, has successfully secured a $60 million minority investment from Apax Digital Funds, the growth equity division of Apax Partners LLP. With this investment, the company is now valued at $325 million.
This investment arrangement allows MillTech’s parent company to maintain majority ownership, reinforcing its autonomous position in the market. Notably, Apax is not only an investor but also an existing client, utilizing MillTech’s platform across several of its funds to enhance investment operations. Sir Ronald Cohen, a co-founder of Apax, was an early supporter of MillTech, highlighting the longstanding relationship between the two parties.
The new capital infusion is earmarked for accelerating MillTech’s expansion into North America and advancing its treasury management capabilities. The firm has reported an impressive annual trading volume of approximately $500 billion, supporting client hedging programs that total over $35 billion. Revenue growth has been robust, with increases of 79% in 2024 and 73% in 2025, underscoring the platform’s escalating market demand.
Innovative FX Operations Platform with Deep Industry Roots
Founded in 2019, MillTech draws from over 30 years of currency management experience inherited from Millennium Global Investments. The company has developed a unified platform that encompasses the entire lifecycle of FX operations, from trade calculation and execution to settlement, reporting, and transaction cost analysis.
The platform enables clients to connect directly to the wholesale multi-bank market via its agency ISDA network. This model typically reduces costs by more than 50% compared to traditional custody, prime brokerage, or single-bank options. Importantly, MillTech operates outside traditional banking structures while seamlessly integrating with existing client systems, including bank accounts, fund administrators, and treasury management solutions.
Strengthening Partnerships for Future Growth
Eric Huttman, CEO of MillTech, expressed excitement about deepening the partnership with Apax, moving from a client relationship to one of financial investment. He stated that this investment serves as a testament to the value that MillTech’s platform delivers and highlights the significant long-term potential the company possesses. Huttman emphasized that the partnership will support MillTech’s next growth phase, particularly its planned North American expansion as it aims to deliver cutting-edge treasury solutions through a unique blend of technology and fiduciary responsibility.
Marc Henckel, Managing Director at Apax Digital, remarked on MillTech’s role as a disruptive force in the market. He noted that the platform empowers clients, including Apax, to automate and scale essential treasury workflows while enhancing controls and transparency. By aggregating volumes across a high-quality bank panel, MillTech not only sharpens pricing but also improves the efficiency of FX operations, making it a valuable tool for organizations navigating complex financial landscapes.