3i completed a $340m investment in Magnitude Software.

3i Group, a multinational investor, completed a $340m investment in Magnitude Software, a provider of unified application data management solutions. The investment allows the software company's current private-equity backer, Audax Group, to exit its stake. Chris Ney, Chairman and CEO of Magnitude, will maintain a significant minority stake in the business. “Magnitude provides a highly attractive market and business growth opportunity backed by a strong executive team, led by Chris Ney. Management has a track record of building great teams, delivering broad customer success and rapid growth. The data opportunity, and challenge, is only getting larger with the increasing amount of data that companies generate and need to analyze,” Andrew Olinick, 3i North America Co-Head.