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H&F, BAIN REPORTED DELTEK BIDDERS

Bain? Didn't we hear something about that firm during some political debate recently? Hopefully, the successful bidder will take it private and then quickly take it public. This has nothing to do with financial wisdom, but with the way the private equity funds have moved into this field, the number of companies that provide numbers publicly has been shrinking. When Epicor combined with Activant, that knocked out one set of public financials and presumably Epicor will stop reporting once its publicly traded debt issue is retired. That firm is controlled by an investment group Apax Partners. Years ago, Battery Ventures acquired the formerly public Made2Manage and that operation has stayed private as part of Consona. Infor took out publicly traded Lawson Software early this year, although it seems likely its backer, Golden Gate Capital, wants to get a quicker return on the $1 billion in new capital that was pumped in early this year. Sage and Exact report only twice a year and Microsoft gives out only the percent of change in Dynamics sales. So it's getting thin. Last year, Bain acquired MYOB, which had been taken private by two other firms. That formerly public company has not had operations in the United States for a couple of years.
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