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Investing.com -- Private equity company Bain Capital is considering options for Rocket Software (ETR:SOWGn), including a potential sale that could value the U.S. automation software provider between $8 billion and $10 billion, according to Reuters, citing sources familiar with the matter. This valuation includes the company’s debt.
Rocket Software is currently generating an EBITDA close to $800 million. The company’s potential sale comes at a time when the surge in artificial intelligence technologies is pushing large corporations to increase their technology expenditures. These corporations are aiming to update their outdated business software and automate more routine tasks.
As per the data from technology research firm Gartner (NYSE:IT), global information technology (IT) spending is predicted to grow nearly 10% this year, reaching $5.61 trillion.
Bain Capital has enlisted the services of Moelis (NYSE:MC) and RBC Capital to advise Rocket on its potential sale process. This process is expected to commence in the upcoming weeks, according to the sources who wished to remain anonymous due to the confidentiality of the discussions.
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