Private equity firm Apax Partners has made its first investment in Brazil, with the announcement that it has bought a 54 percent stake in TIVIT, a supplier of IT and BPO services.

TIVIT operates out of 16 locations in Brazil, handling operations on behalf of a client base that includes 300 of the country's 500 largest companies, including financial services providers, manufacturers, public utilities and retailers.

Luiz Mattar, CEO of TIVIT, will retain a "substantial" portion of his ownership stake in the company and has committed to continue leading the company, describing Apax Partners as a "patient investor".

Meanwhile, Jason Wright, a partner at Apax described the rationale behind the firm's purchase: "Apax is attracted to TIVIT's market leadership in both IT Outsourcing and Business Process Outsourcing. Luiz Mattar and his team have build a solid foundation for continued growth and expansion and enjoy the tailwinds of a strong Brazilian economy."

Apax is buying its stake from Tivit's controlling shareholders at 18.10 reais a share ($10.14), valuing the company at approximately $1 billion.