China-focused private equity firm Boyu Capital has led a US$125 million investment in Trax, a Singapore-based developer of business analytics software serving the retail industry. U.K.-based media company DC Thomson also participated in the funding round. Trax is also backed by global private equity fund manager Warburg Pincus and asset management firm Investec. The company plans to use the new funds to expand globally and deepen its presence in Greater China. A portion of the transaction will also be used to buy some early investors’ shares in the company.