Sage confirms MYOB bid
Financial software giant eyes up Australian rival MYOB for an estimated £607m
IT GIANT SAGE has confirmed it has made a bid for rival software supplier MYOB.
FTSE 100 business Sage conceded it had made the bid for its Australian rival, which could value MYOB at more than £607m, Reuters reports.
The move is a return to the acquisition strategy previously used by Sage. In recent years it has stuck to organic growth and building its own software rather than acquiring it.
A statement from the company said: “Sage can confirm that it is currently considering a potential acquisition of MYOB.”
The Australian business is being sold by private equity firms Archer Capital and HarbourVest Partners, which bought it for about Aus$450m (£287m).
The UK arm of MYOB (Mind Your Own Business) was acquired by publishing and software company Wolters Kluwer at the end of 2007 with all branding phased out by the end of 2008.