BMC Software has agreed on a deal, which will see the management software provider being acquired by a consortium, in a deal valued at $6.9 billion.

The move to privatisation comes as the software provider looks to develop its offering and expand services. Despite the company’s success in increasing its revenue over recent years, with total revenue at the end of March 2013 of $2.2 billion, BMC has struggled in an increasingly competitive marketplace.

The company has struggle to branch out from its core management software, despite efforts to provide new cloud services, while competitors including specialist and global technology businesses have reduced overall business.

The move to privatisation is aimed at providing capital for future product investment and innovation.

The consortium buyers including Bain and Golden Gate Capital now have to wait for the conformation of BMC Software shareholder approval.

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