Bain buys MYOB as markets sink Sage bid
Recent turbulence in the global markets did private equity a favor last week as Bain Capital emerged as the unlikely victor in the auction for Australian accounting software firm MYOB. Bain and KKR had for several weeks been regarded as the frontrunners for MYOB, owned by Archer Capital and HarbourVest Partners. The US private equity firms reportedly sent their final bids on August 15, with the winner expected to pay around A$1 billion ($1.05 million).
Barely 48 hours later, UK software maker Sage Group entered the race, tabling an offer of A$1.3 billion and soon sources familiar with the situation were telling AVCJ that the private equity firms had...
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