At the same time, the tender offer for shares of Exact has been declared unconditional by funds advised by Apax Partners. Private equity has been very active in the ERP market. Such groups own Deltek, Unit4, Jeeves Information Systems and MYOB, all of which were once publicly owned. They also own Aptean, part of which had been public, and the relatively new Abila. And then there is Infor, which has been privately held since its inception. Presumably, most of these companies will take a whack at the public market. The driving force generally is the move to the cloud as private companies take over the funding of the expense of the transition from the desktop to the web. The Exact offering memorandum spells this out clearly noting that public companies may not be willing to make the necessary investment because they need to answer to shareholders.