Private equity firm Bain Capital has signed a deal to purchase Australian accounting software company MYOB for about $1.3 billion, beating out offers from UK’s Sage Group and private equity giant Kohlberg Kravis Roberts & Co.

Boston-based Bain signed a definitive agreement with buyout group Archer Capital to acquire MYOB, the companies said in a joint announcement.

MYOB, an abbreviation of the phrase “Mind Your Own Business,” was being sold by private equity firms Archer Capital and HarbourVest Partners LLC, which bought the company for about £450 million ($469 million) in 2008.

 

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