SoftwareOne gets multiple acquisition bids - report

Switzerland-based SoftwareOne subject to up to four PE takeover offers after rejecting Bain bid

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 group 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 the news outlet that at least four parties submitted bids.

The non-binding bids were due Wednesday, 11 October as part of a strategic review run by JPMorgan, Reuters reported.

Stans, Switzerland-based SoftwareOne rejected a £2.5bn (CHF2.74bn) acquisition bid from Bain Capital in June of this year, with the company's board of directors saying in a statement "the offer significantly undervalues the current and future valuation of the company."

The following month, Bain Capital made a second bid of £2.8bn (CHF3.2bn) 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 per cent 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 in August reported its first-half 2023 financials, with group revenue up 8.5 per cent over the first half of 2022 to CHF506.8m, or about £474.1 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.