Sage loses out to Bain Capital over MYOB

BAIN CAPITAL has outbid IT giant Sage in the race to gain control over Australian finance software provider MYOB (Mind Your Own Business).

US private equity business Bain slipped in to pull the rug out from beneath Sage which, until last week, was considered the preferred bidder, the Financial Times reports.

One reason for Sage‘s failed takeover attempt is the likelihood that a shareholder vote would have been needed to complete the acquisition, reports have speculated.

The Australian business is being sold by private equity firms Archer Capital and HarbourVest Partners, which bought it for around Aus$450m (£287m).

The UK arm of MYOB was acquired by publishing and software company Wolters Kluwer at the end of 2007, with all branding phased out by the end of 2008.

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