Advent International offered €1.2 billion ($1.6 billion) to take UNIT4 private, which the Dutch business software firm said would help it speed up expansion without the pressures of being listed on the stock market.

UNIT4 shares jumped more than 8 percent to a high of €38.18 on Monday, just short of the €38.75 per share cash offer from Advent, a private equity firm that invests in technology and software businesses.

Advent’s offer represents a 32 percent premium to UNIT4’s shares on October 11, before the company said it had been approached by potential buyers.

The Dutch company, which competes with firms such as Germany's SAP, U.S.-based Oracle Corp and Workday Inc provides cloud computing and other business software services - known as SaaS - for private and public-sector customers.

UNIT4 counts utility EDF Energy, the City of Oslo and SEUR, the leading express courier firm in Spain and Portugal among its clients, according to its website.

About Unit4

Unit4 is a software company that designs and delivers enterprise software and ERP applications and related professional services for people in services organizations, with a special focus on the professional services, education, public services, and nonprofit sectors. It has subsidiaries and offices in 26 countries across Europe, North America, the Asia-Pacific region and Africa.

About Advent International

Advent International is a global private equity firm focused on buyouts of companies in Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, growth and strategic restructuring in five core sectors. Since its inception in 1984, Advent has invested $56 billion in private equity capital[2] and, through its buyout programs, has completed more than 375 transactions in 42 countries.