Sage bids for TeamSystem
Accounting software group Sage is first in line to snap up Italian business management software group TeamSystem for an estimated €650m (£542m).
TeamSystem, which has been put on the market by private equity vehicle Bain Capital, will close the bidding tomorrow.
It is understood HgCapital and Cinven are also interested in the firm.
Bain stands to make a healthy return on the €274m investment it made in the business in 2004.
Sage, which has more than 6m small and medium-sized business customers, said yesterday it had seen improved growth trends in the third quarter, and it saw full-year results in line with market expectations.
Chief executive Paul Walker, who steps down in October after 26 years with the company, will be replaced by Guy Burruyer, head of mainland Europe and Asia.