SoftwareOne has turned down a takeover bid from private equity firm Bain Capital, choosing to stay independent after a big review.
The global software and cloud solutions provider’s board of directors looked at ways to make more money, including selling the company in the big review that started in July 2023.
After a thorough check, PE firm Bain Capital made a non-binding offer to buy SoftwareOne, but the board decided that Bain’s offer was not good enough or fair enough.
With help from an independent valuation and expert advice, the board all agreed that saying no to Bain’s offer was the best thing for the company and its people.
“The board is sure that SoftwareOne is in a good position in a big and fast-growing market, backed by strong growth, and that the company has the right leaders and plan to reach its goals,” a statement from SoftwareOne said.
“As such, the board is sure that SoftwareOne can make more money for its shareholders as a public company on its own.”
Earlier this month, SoftwareOne said it was still talking to Bain about a possible buyout.
But the story started in June 2023, when the firm first said no to a £2.5 billion deal thinking the offer was too low.
Later in July, the private equity firm upped its offer to £2.8 billion, but was turned down again.
This is the latest no to Bain’s tries to buy the IT seller.
