MYOB sells after deal collapse
Australia’s largest software maker MYOB has been sold for an undisclosed amount to US-based private equity group Bain Capital.
Bain Capital made the purchase following the collapse of the planned $1.2 billion acquisition deal with the UK’s Sage Group. The deal is reportedly worth a similar amount to the agreed valuation between Sage and MYOB.
Prevailing market uncertainty was blamed for the collapse of the deal with Sage, which until last week appeared to be finalised.
MYOB, which produces the largest small to medium enterprise accounting system in Australia, was previously owned by a consortium including Archer Capital and HarbourVest.
MYOB has recently made a number of inroads into cloud computing, with the launch of its Live Accounts service that provides the MYOB service over the Internet.