3i receives private equity bids for Civica
3i has received bids from a number of fellow private equity houses for its UK-based software business Civica, according to reports.
Media reports suggest that Advent International, Apax Partners, Bain Capital and Cinven are bidding for Civica, which 3i is looking to divest as part of its debt cutting strategy.
The investor bought Civica in a £270m deal in 2008, which included approximately £50m of acquisition finance funding. Civica's bolt-on acquisitions since 2008 include Queensland-based Practical Computer Services Pty Ltd and the local government business of electionz.com.
London-based Civica is a provider of software solutions and IT services to public sectors. Its sale process is understood to be organised by Rothschild.
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