Pacific Equity Partners has been provided non-exclusive access to non-public due diligence information to enable the investment firm to develop a more certain offer

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Pacific Equity offers to acquire ReadyTech for A$4.5 per share. (Credit: aymane jdidi from Pixabay)

ReadyTech, an Australia-based mission-critical SaaS provider, has received a conditional, non-binding indicative offer from funds managed or advised by Pacific Equity Partners of A$4.5 ($2.9) per share or A$481.4m ($308.3m).

Pacific Equity Partners is an Australasian private equity investment firm.

Funds managed by Pemba Capital Partners presently have a 32.01% stake in ReadyTech. As per the proposal, Pacific Equity Partners may take the option of seeking relief from the Australian Securities and Investments Commission to allow it to work together with Pemba Capital Partners on the offer.

ReadyTech said that it has been informed that Pacific Equity Partners and Pemba Capital Partners do not have an agreement, arrangement, or understanding regarding the proposal.

The SaaS provider has appointed an independent board committee made up of independent non-executive directors Tony Faure, Tim Ebbeck, Elizabeth Crouch, and its CEO Marc Washbourne to consider the takeover offer.

Following careful consideration of the proposal and having taken into account the advice from financial and legal advisers, the committee is said to have decided to provide non-exclusive access to Pacific Equity Partners to non-public due diligence information to enable it to develop a more certain offer.

ReadyTech affirmed that discussions in relation to the takeover bid are going on and no agreement has been arrived at between the parties about the structure, value, or terms of any deal.

The software company, which is listed on the Australian Securities Exchange (ASX) stated that there is no assurance that the discussions will result in any transaction.

It revealed appointing Jefferies (Australia) as its financial adviser and Corrs Chambers Westgarth as its legal adviser.

ReadyTech offers mission-critical SaaS for the workforce management, education, employment services, justice, and government sectors.