Mergers and Acquistions News
Categories: Software
August 17th 2011, 15:10PM
Sage Group looks set to make an investment in Australian firm MYOB, according to un-named sources.
Reuters reports that the UK business software enterprise could pay as much as AU$1.4 billion (£897 million) for the company.
MYOB is being put up for sale by private equity firms Archer Capital and HarbourVest Partners, which purchased it back in 2008.
Sage confirmed yesterday (August 16th) that it is considering the transaction, although declined to make any further comment.
The company, which is based in Newcastle, has a market value of $5.5 billion (£3.3 billion) and supplies business management software to small and medium-sized enterprises.
Insiders claimed its bid for MYOB was at least ten per cent greater than those from Kohlberg Kravis Roberts & Co and Bain Capital.
According to Reuters, Sage has grown by acquiring local software-providers and moving into new markets.
At the end of last month, business information provider IHS Inc confirmed its purchase of geoscience software maker Seismic Micro-Technology for $500 million.
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