SoftwareOne Gets Multiple Acquisition Bids: Report
Switzerland-based global software and cloud seller SoftwareOne, which previously rejected a couple of unsolicited offers from Bain Capital to acquire the company, is now the subject of a bidding war by between two and four potential private equity suitors, according to Reuters.
SoftwareOne, a major global provider of solutions and services aimed at customers’ cloud strategies, has reportedly received bids from multiple private equity companies looking to take the Switzerland-based company private.
Reuters, citing people with direct knowledge of the discussions, Friday reported that at least two private equity firms, Bain Capital and Apax Partners, have placed non-binding bids this week to acquire SoftwareOne. One person told Reuters that at least four parties submitted bids.
The non-binding bids were due Wednesday, Oct. 11 as part of a strategic review run by JPMorgan, Reuters reported.
Stans, Switzerland-based SoftwareOne rejected a $3.2-billion acquisition bid from Bain Capital in June of this year, with the company’s board of directors saying in a statement that “the offer significantly undervalues the current and future valuation of the company.”
The following month, Bain Capital made a second bid of $3.7 billion for SoftwareOne, but it, too, was rejected as not in the best interest of shareholders.
The board of directors in July initiated a strategic review in the wake of a third unsolicited and non-binding offer from Bain Capital to acquire 100 percent of the company. “The Board unanimously agreed that the second indicative offer does not adequately value the Company and is not in the best interest of SoftwareOne and the majority of its shareholders,” it said in a statement at the time.
SoftwareOne, ranked No. 43 on the CRN Solution Provider 500, helps businesses with software and cloud purchases along with the necessary implementation and support to help clients modernize their applications and workloads in cloud-first SaaS environments.
The company in August reported its first-half 2023 financials, with group revenue up 8.5 percent over the first half of 2022 to 506.8 million Swiss Franks, or about $576.3 million at the time. The company also reported adjusted EBITDA down 1.7 percent over last year.
SoftwareOne did not respond to a CRN request for more information by press time.