Ipex Capital was spun out of PA Consulting in June 2008 by Jon Moynihan and Martin Stapleton.

PA Consulting and Ipex Capital have a strong pedigree in successfully exploiting and incubating intellectual property, technology, and expertise. In 1999 they founded UbiNetics, a company which became a world leader in 3G test and measurement products. The company supplied many of the world's leading telecoms operators, and semiconductor and handset device manufacturers. In May 2005 the Test and Measurement division of UbiNetics was sold to Aeroflex Incorporated for $84.5m, and in July 2005 PA agreed to sell the other half of the venture - Volume Product Technology - to CSR plc for $48m.

Other successful exits have included Meridica and Cubiks. Meridica, a developer of drug delivery devices and products for the pharmaceutical industry, was sold to Pfizer for $125m in November 2004, and Cubiks, an assessment and development business, was sold to its management in two phases for a total of £5.4m.

Ipex Capital retains very close links with PA Consulting, and working with PA Consulting on the development of IP is an important strand of Ipex Capital's strategy.