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PRIVATE EQUITY SCORES MYOB

Private equity investors continue to do well in M&A in the accounting software space.  In the latest round, Bain Capital outbid Sage for MYOB, an Australian-based vendor. Sage's bid was in the $1.4 billion range. The official announcement did not provide the winning price. Bain was part of a consortium led by Archer Capital that also included HarbourVest Partners and will take a majority position in MYOB with management also holding a stake.
That’s two big wins for private equity this year. Earlier, Apax Partners acquired Epicor and Activant and melded the two together in a company largely led by Activant’s management. Equity investors also own Consona, which markets Made2Mange, and Infor, which seems to own everything under Tier 1 that Oracle didn’t buy. Why is private equity winning? I'd guess that public money is constrained by the volatility of the stock market since the recession and that the private equity pool can attract investors looking for better returns than they can get in the public markets.
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