Mergers and Acquistions News
Categories: IT Services & Consulting
November 10th 2008, 15:53PM
A recent unsolicited $478 million (£302 million) bid for Australian accounting software firm MYOB indicates there is plenty of appetite for acquisitions in the sector, according to one expert.
According to David Mitchell, spokesperson for analytical firm Ovum, the move shows that private equity investors are as keen as ever to dip their toe into the market, although interest is not limited to this sector.
Writing for IT Brief he said: "The corporate strategy and acquisition teams of global technology vendors should also be on the look out for bargains."
Such deals will have to be negotiated in such a manner as to not weaken the financial position of the purchasing firm, he added.
Mr Mitchell also predicted a strong few months for deals in the UK market, particularly with companies valued around £5 million.
According to the board of MYOB, the bid from Manhattan Software Bidco is "highly conditional".
It has urged shareholders to take no action while it considers its final recommendation.
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