TPG’s Asia-focused private equity arm has agreed to acquire Australian automotive software specialist Infomedia for A$651m ($421m) in equity value, marking a significant addition to its $24bn global software portfolio, according to a Reuters report.

Under the terms, Infomedia shareholders will receive A$1.72 per share, representing a premium of more than 30% over the stock’s previous close, alongside the option of fully franked and special dividends totalling up to 4.9 Australian cents per share in fiscal 2025. The bid implies an enterprise value of A$579m and has been unanimously endorsed by Infomedia’s board.

Founded in 1997 and listed on the ASX, Infomedia delivers SaaS solutions for the automotive and motor service sectors, with global clients including BMW, Audi, and Cadillac.

Joel Thickins, Co-Head of TPG Asia, said Infomedia will become part of the firm’s $24bn global software portfolio, which includes companies such as Wind River and McAfee.

The deal, which remains subject to Foreign Investment Review Board clearance, is expected to be voted on by shareholders by mid-November.

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