Bain snatches MYOB from weakened Sage

Bain said MYOB had been the leader in the financial software space for a long time, and it would continue to grow through cloud-based computing offerings.

''The growth potential in this market is strong, with a growing trend of entrepreneurs starting up their own businesses,'' said Walid Sarkis, a managing director at Bain. Bain will hold a majority stake in MYOB alongside the company's existing management.