Keith Neilson, co-founder and CEO of Craneware, a software provider for hospitals, has opted to reject a nearly $1 billion acquisition proposal from an American private equity firm that would have yielded him over £80 million.

The offer, priced at £26.50 per share, was initially brought forth by Bain Capital, the Boston-based private equity firm, in May. However, the Craneware board determined that the offer “fundamentally undervalues” the company’s future potential.

Neilson’s decision comes during a wave of American bids targeting UK-based technology firms, including Spectris, Alphawave, and Oxford Ionics.

Analysts at Panmure Liberum remarked that the board’s choice reflects strong confidence in Craneware’s business prospects, stating: “Chapeau Keith, we believe you have backed your business, yourself and the market in a meaningful way.”

Craneware, which was established in 1999 alongside fellow shareholder Gordon Craig, specializes in the development, licensing, and maintenance of software solutions aimed at helping healthcare organizations manage their financial operations. The firm has secured a significant foothold in the United States, serving 40 percent of registered hospitals.

Bain Capital proposed a share valuation of £26.50, but Craneware’s directors deemed the offer insufficient. Following the news, Craneware’s shares dipped by 15 pence, or 0.75 percent, closing at £19.90.

Despite a nearly 20 percent decline in share price over the past year since its entry on the junior segment of the London Stock Exchange in 2007, Craneware stated that this decline does not accurately reflect its trading performance and is largely due to external market conditions. The company also noted that Bain had failed to carry out any due diligence prior to making its offer.

In a message to investors, Craneware’s board emphasized its strong commitment to executing the company’s strategic plans, which it believes will substantially enhance shareholder value.

They further stated: The board believes that the proposal received from Bain is not in the best interest of shareholders and does not align with the board’s understanding of shareholder objectives.

In the realm of technology acquisitions, Spectris has received a £3.7 billion bid from Advent International, while Oxford Ionics has accepted an offer from IonQ, valued at nearly $1.1 billion. Additionally, Alphawave IP Group is recommending that its shareholders back a £1.8 billion acquisition proposal from California-based Qualcomm.