Sage poised for major investment
Sage, the accounting software group, has emerged as the frontrunner to acquire TeamSystem, the Italian business management software group, for up to €650m (£542m). Final bids for TeamSystem are expected on Friday for the business that has been put up for sale by Bain Capital, the US private equity group. People close to the situation said Sage was expected to outbid HgCapital and Cinven, the private equity groups.
However, one person close to the sale said the auction of TeamSystem, which Bain acquired in 2004 for €274m, was still competitive and the outcome was uncertain.
According to the Financial Times, an acquisition by Sage would represent an early move by Guy Berruyer, who was named as chief executive of the group just two weeks ago. It would also signal a return to the acquisition trail by Sage after several barren years.
Polly Purvis, Executive Director of ScotlandIS said "Its great to see Sage looking to expand further by acquisition - their ambition is a great example to other UK software companies. "
