Bain Capital made an non-binding all-cash offer for SoftwareOne Holding AG for 2.93 billion Swiss francs ($3.2 billion) to take the company private.

Investors would receive 18.50 francs for each SoftwareOne share. The indicative price is 22% higher than Wednesday’s closing price, according to Bloomberg calculations. The proposal is subject to due diligence and other customary conditions, Bain Capital said Thursday.

The founding shareholders of SoftwareOne — Daniel von Stockar, B. Curti Holding AG and René Gilli — together hold 29.1% of the company and have given their “full commitment” to the offer.

Bain Capital and the founding shareholders expect to provide the market with a further update once due diligence access has been granted.

(Updates with total amount in first paragraph. A previous version of this story corrected the spelling of company name in headline)