Secondary Buyout • Software

Bain Capital Private Equity Acquires MYOB

On August 21, 2011, private equity firm Bain Capital Private Equity acquired software company MYOB from Archer Capital and HarbourVest Partners for 1.2B AUD

Acquisition Context
  • This is Bain Capital Private Equity’s 4th transaction in the Software sector.
  • This is Bain Capital Private Equity’s 53rd largest (disclosed) transaction.
  • This is Bain Capital Private Equity’s 1st transaction in Australia.
Investment Fate
  • MYOB went public in 2015.
  • MYOB was sold to a financial buyer in 2019.

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M&A Deal Summary

Date August 21, 2011
Target MYOB
Sector Software
Buyer(s) Bain Capital Private Equity
Sellers(s) Archer Capital
HarbourVest Partners
Deal Type Secondary Buyout
Deal Value 1.2B AUD
Advisor(s) Agile Equity (Financial)

Target Company

MYOB

Cremorne, Australia
MYOB is a provider of business management software. The company's innovative software and services simplify many parts of a business including accounting, payroll, retail POS, CRM, websites, tax, and more. MYOB was founded in 1991 and is based in Cremorne, Australia.
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Buyer Overview 1

Buyer

Bain Capital Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1984
PE ASSETS 44.2B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Bain Capital Private Equity (BCPE), is the private equity investment arm of alternative asset management firm, Bain Capital. BCPE targets leveraged buyout and growth capital transactions in a wide variety of industries including information technology, communications, media, healthcare, industrial/manufacturing, retail/consumer, and financial services. Bain Capital is based in Boston with additional offices in New York, London, Mumbai, Hong Kong, Shanghai, Tokyo, and Munich.


Deal Context for Buyer #
Overall 89 of 253
Sector: Software 4 of 18
Type: Secondary Buyout 14 of 76
Country: Australia 1 of 6
Year: 2011 5 of 8
Size (of disclosed) 53 of 75
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-01 Cumulus Media Partners

Atlanta, Georgia, United States

Cumulus Media Partners, LLC owns and operates radio broadcasting stations. The company, through its AM and FM radio stations, serves listeners, communities, advertisers, and agencies in Dallas, Houston, San Francisco, Atlanta, Cincinnati, Indianapolis, York, Albemarle, and Anniston. The company was formerly known as Susquehanna Radio Corp. and it changed its name to Cumulus Media Partners, LLC in May, 2006.

Sell $740M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-28 Linxens SA

Guyancourt, France

Linxens SA is a manufacturer of connectors for smart cards. Linxens was founded in 1986 and is based in Guyancourt, France.

Buy €320M

Seller Profiles 2

SELLER

Archer Capital

Sydney, Australia

Category Private Equity Firm
Founded 1997
PE ASSETS 2.5B AUD
Size Large
Type Sector Agnostic
DESCRIPTION

Archer Capital is an independent private equity firm that targets buyout opportunities in Australia and New Zealand. Archer looks for growth companies with strong market positions. Archer prefers majority investment positions. The Firm will not invest in real estate or businesses with unproven technology. Archer Capital was formed in 1997 and is based in Dawes Point, Australia.


Deal Context for Seller #
Overall 17 of 29
Sector: Software 1 of 1
Type: Secondary Buyout 3 of 6
Country: Australia 14 of 24
Year: 2011 2 of 4
Size (of disclosed) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-16 Quick Service Restaurants Holdings Pty

Balcatta, Australia

Quick Service Restaurants Holdings Pty Ltd. is an operator of quick service restaurants with over 620 stores across Australia under the Red Rooster, Oporto and Chicken Treat brands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-17 Rebel Sport

Silverwater, Australia

Rebel Sport is a retailer of sporting and leisure equipment, apparel, and footwear. Rebel Sport offers customers an incomparable range of the biggest brands and latest products. Rebel Sport is based in Silverwater, Australia.

Sell -
SELLER

HarbourVest Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1978
PE ASSETS 147.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HarbourVest Partners, LLC is an investment firm that makes investments in new private equity partnerships, acquires secondary interests, and makes direct investments in operating companies. HarbourVest's largest investment area is investments in private equity funds, comprising of approximately 2/3 of HarbourVest's assets. HarbourVest's direct investment group looks for investments in growth oriented businesses at a variety of stages. The Group generally targets co-investments of $5 to $100 million, growth capital financings of $5 to $40 million, or mezzanine commitments of $5 to $20 million. Sectors of interest include software, hardware, data communications, telecommunications, and financial services. HarbourVest was formed in 1997 to assume the business of Hancock Venture Partners which was formed in 1982. HarbourVest Partners is based in Boston, Massachusetts, with additional offices in London, Tokyo, and Hong Kong.


Deal Context for Seller #
Overall 27 of 150
Sector: Software 4 of 19
Type: Secondary Buyout 9 of 37
Country: Australia 1 of 2
Year: 2011 6 of 8
Size (of disclosed) 27 of 43
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-07-30 Action

Zwaagdijk-oost, Netherlands

Action is a non-food discount retailer. Its core product assortment includes decoration, DIY, garden and outdoor, household goods, multimedia, sports, stationery and hobby, toys and entertainment, food and drink, laundry and cleaning, personal care, pets, clothing and linen. Action uses large-scale procurement, flexible assortment, optimal distribution and a cost-conscious corporate culture to ensure very low prices for its customers, with the promise of "more than you expect for less than you imagine". Action was founded in 1993 and is based in Zwaagdijk-oost, Netherlands.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-24 Fundtech

Jersey City, New Hampshire, United States

Fundtech Ltd. is a provider of transaction banking software and services to financial institutions and corporations worldwide. The Company offers SaaS and license-based solutions which facilitate electronic corporate payments and bank-to-bank payment transactions.

Buy $390M

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