Bain Capital Private Equity (Europe) LLP confirmed on Friday that Bain Capital Funds are assessing “a possible offer to acquire” Edinburgh-based Craneware, a provider of software for the US healthcare market.

Craneware shares rose as much as 9% to around £22.45 to give the Edinburgh firm a current stock market value of just over £790 million.

In the year ended June 30, 2024, Craneware’s revenue increased 9% to $189.3 million and statutory profit before tax increased 20% to $15.7 million.

“Bain Capital Private Equity (Europe), LLP, in its capacity as an adviser to the funds managed and/or advised by it or its affiliates, notes the recent movement in the share price of Craneware and press speculation regarding a possible offer for Craneware,” said Bain in a stock exchange statement.

“Bain Capital confirms that the Bain Capital Funds are assessing a possible offer to acquire the issued and to be issued share capital of Craneware. This evaluation is highly preliminary in nature, and has not to date involved any approach to the Board of Craneware.

“This announcement does not amount to a firm intention to make an offer under Rule 2.7 of the Code and there can be no certainty that any firm offer for Craneware will be made, nor as to the terms on which any offer might be made.”

Bain Capital now must, by no later than June 13, 2025, announce a firm intention to make an offer for Craneware or walk away.

Craneware said: “The board of Craneware notes the announcement by Bain Capital Private Equity (Europe), LLP that it is assessing a possible offer for Craneware plc. The board of Craneware confirms that no proposal has been received from Bain Capital.”