Advent Out Of Auction For Bain Capital's TeamSystem - Source

15th Jul 2010 12:52

By Marietta Cauchi and Jessica Hodgson Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Advent International is out of the auction for TeamSystem SpA, the Italian software company being sold by U.S. private equity firm Bain Capital LLC, a person familiar with the company told Dow Jones Newswires Thursday. Advent had submitted an initial bid and was through to the next round along with Newcastle Upon Tyne, England-based accountancy software firm Sage Group PLC (SGPYY, SGE.LN) and Cinven Group Ltd. Cinven remains in the bidding process but it is unclear whether Sage is still involved, two other people said. UBS AG (UBS), which is running the auction had planned to have a short list of bidders for the company by the end of July. According to press reports, Bain is looking to get around EUR600 million on the sale of the asset. Bain purchased TeamSystem in December 2004 for EUR274 million from Palamon Capital Partners. -By Marietta Cauchi, Dow Jones Newswires; +44 207 842 9241; [email protected] (END) Dow Jones Newswires July 15, 2010 07:52 ET (11:52 GMT)