<article><a style="color: #000080;" href="http://www.dealstreetasia.com/?s=bain+capital">Bain Capital Abacus Holdings</a> sold down its 17 per cent stake in Australia-based accounting software company <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MYOB">MYOB</a> via an underwritten block trade for an undisclosed amount, according to the filing on Friday.</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=bain+capital">Bain Capital Abacus Holdings</a> sold down its 17 per cent stake in Australia-based accounting software company <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MYOB">MYOB</a> via an underwritten block trade for an undisclosed amount, according to the filing on Friday.
The filing did not mention the buyer. However, the Australian Financial Review reported that Bain sold 100 million shares to <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Goldman+Sachs">Goldman Sachs</a> at the price of A$3.55 each.
Bain Capital floated MYOB shares at $3.65 each in May 2015 and still held about 56 per cent. After this partial exit, Bain&#8217;s holding in MYOB will decrease to 39.1 per cent.
The filing said the remainder of the Bain’s shares in MYOB will be escrowed for 90 days following part of the sale terms.
Earlier this week on Wednesday, MYOB announced that it will acquire 100% in <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Paycorp+Payment+Solutions">Paycorp Payment Solutions Pty Limited (Paycorp)</a> for a total consideration of A$48 million.
In the statement, the company said that the acquisition will be funded from cash reserves. The merger, which is expected to complete by April 1, is part of MYOB’s broader strategy to expand its offerings to corporate customers and compliments its recent launch of PayDirect Mobile and PayDirect Online.
It claimed that the transactions of PayDirect Mobile increased to more than 10,000 monthly by the end of last year, giving it the confidence that that there is a large market among small and medium sized businesses to use core payment service to increase their business efficiency.
Paycorp provides a secure payments service to over 6,500 clients across multiple industries, while MYOB has an existing client base of around 1.2 million small to medium size businesses.
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Bain Capital sold down its 17 per cent stake in Australia-based accounting software company MYOB via an underwritten block trade for an undisclosed amount.

Bain Capital sells 17% in Australia-listed MYOB to Goldman Sachs

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Bain Capital sells 17% in Australia-listed MYOB to Goldman Sachs

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