Mergers and Acquistions News
Categories: Software
August 22nd 2011, 12:06PM
Bain Capital is to make an investment in Australian accounting software company MYOB.
The private equity firm has made an offer of about $1.3 billion (£790 million) for the enterprise, beating UK software business Sage to the deal.
Last week, un-named sources told Reuters that Newcastle-based organisation Sage was close to purchasing MYOB for AU$1.4 billion (£897 million).
However, Bain has now clinched the deal, which has become its biggest acquisition in Australia.
Walid Sarkis, a managing director at the company, said: "It has been the leader in the financial software space for [small to medium-sized enterprises] in Australasia for a very long time, with a strong proposition on customer's needs."
He added that the growth potential of the sector is "very strong".
Archer Capital and HarbourVest Partners are selling the Australian firm after purchasing it in 2008.
Tim Reed, the chief executive officer of MYOB, claimed he is "delighted" by Bain's commitment to his enterprise.
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