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3i Group invests US$179M in Magnitude Software

3i Group PLC is making a US$179 million equity investment in Magnitude Software Inc., reflecting an enterprise value of US$340 million.

The U.K.-based midmarket private equity and infrastructure investment manager is investing alongside Magnitude Chairman and CEO Chris Ney, who will keep a significant stake in the business.

Magnitude, which develops enterprise information management software, will use the investment to support its global expansion.