Bain Capital is one of several private equity firms set to bid for software and IT managed services platform provider ConnectWise, according to a report by CRN.
ConnectWise, which has more than 3,000 employees globally, was bought by private equity firm Thoma Bravo is 2019 in a deal estimated at around $1.5 billion. Six of ConnectWise’s eight board members are from Thoma Bravo.
Bain is now one of the strongest candidates lining up a potential bid for the Tampa, Florida-based company, according to multiple sources familiar with the matter.
“Bain has been very aggressive,” said one unnamed source, who valued the company at between $6 billion and $8 billion. “But the big names are all in there.”
One managed service platform executive said a ConnectWise insider suggested that a sale of the company could emerge sometime after April.
A sale was potentially in the pipeline earlier this year after ConnectWise raised prices by as much as 10% on some of its IT operations software, and raised sales quotas for its internal sales teams. Such moves are typically made to boost profitability ahead of the due diligence process which forms part of an acquisition, sources told CRN.
