Private equity firm Potentia Capital has made a $1.58 a share bid for battling signing software play Nitro Software, valuing it at nearly $400 million.
As PE firms step up their chase of bombed-out Australian tech stocks, Sydney firm Potentia has picked up a 17 per cent pre-bid stake and followed it up with an offer for the rest of the company.
Nitro Software, run by chief executive Sam Chandler, is the latest bombed out software company to get a private equity bid.It is understood Potentia’s move was months in the making, with Nitro’s board aware that private equity suitors had been sniffing around the company and its shareholders. It is not known where Potentia got the stock on Monday night, however Nitro’s biggest investors included Regal Funds Management, AustralianSuper, Australian Ethical, Spheria and Battery Ventures. Battery Ventures also has a board seat.
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