SoftwareOne shareholders cancel sale agreement with Bain Capital

SoftwareOne sale agreement: The founding shareholders of SoftwareOne have announced the termination of their agreement with US investor Bain Capital to acquire the Swiss IT services company, according to a statement released on Monday.

Daniel von Stockar, B Curti Holding AG, and René Gilli, who collectively own 29 per cent of SoftwareOne, had previously attempted to remove the board in order to pursue a delisting of the company through a sale to Bain.

In their statement, the three shareholders stated that they had dissolved the group collaborating with Bain Capital and terminated their underlying agreement. They cited the rejection of Bain Capital's latest offer by SoftwareOne's current board in January 2024 as a key factor leading to their decision.

With SoftwareOne's board rejecting a non-binding offer of 18.50 francs per share, equivalent to about 2.9 billion Swiss francs ($3.28 billion) last year, the company signalled its intention to remain independent after exploring various options in mid-January.

The investors reaffirmed their desire for an extraordinary general meeting to enact changes to the company's board, asserting their belief that SoftwareOne would perform better as a private entity. Bain Capital declined to provide comment on the matter.

(With Reuters inputs)