At Least Three Bidders Make Offers For TeamSystem - Sources

6th Jul 2010 17:50

By Jessica Hodgson and Marietta Cauchi Of DOW JONES NEWSWIRES LONDON (Dow Jones)--At least three companies have submitted indicative offers for TeamSystem SpA, the Italian software company that private equity firm Bain Capital LLC is selling, people familiar with the company told Dow Jones Newswires Tuesday. Those through to the next round of the process include Newcastle Upon Tyne, England-based accountancy software firm Sage Group PLC (SGPYY, SGE.LN), Advent International Corp. and Cinven Group Ltd. It's unclear whether any other parties submitted offers for the company, but several buyout firms that initially were looking at TeamSystem decided not to submit proposals, people said. Apax Partners, Bridgepoint and CVC Capital Partners Ltd., all of which were initially interested, didn't put in offers, people familiar with the matter earlier told Dow Jones Newswires. UBS AG (UBS), which is running the process, aims to have a short list of bidders for the company by the end of July, people familiar with the matter said. One person said the company was in a hurry to get the process completed as soon as possible, and that a number of potential bidders weren't able to get to a price agreeable to Bain. According to press reports, Bain is looking to get around EUR600 million on the sale for the asset. Bain purchased TeamSystem in December 2004 for EUR274 million from Palamon Capital Partners. -By Jessica Hodgson, Dow Jones Newswires; +44207 8429373; [email protected] (END) Dow Jones Newswires July 06, 2010 12:50 ET (16:50 GMT)