School management software is the next big thing in technology M&A. Just ask Sydney’s Advent Partners, whose data room at Compass Education is expected to be chock-full of local and global buyout firms in the coming months.

Sources said Advent and its bankers at RBC Capital Markets had received confidentiality agreements and sent information memorandums to “almost every single sponsor” that would typically look at an asset of this size or has feelers out for promising technology bets Down Under. Also in the mix are large corporates that already sell products or services to schools and would be doing the maths on synergies with Compass.