TOKYO - Private equity firm KKR has acquired a 35% stake in Japanese software developer Fuji Soft after the first part of its two-stage buyout tender offer, the latter said in a statement on Wednesday.

Although rival Bain Capital had proposed a higher offer in October to take the Japanese company private, KKR now owns enough Fuji Soft shares to be able to block Bain's bid, a source familiar with the matter told Reuters.

Investors 3D Investment Partners and Farallon Capital, who collectively own a 32.7% stake in Fuji Soft, had previously agreed to tender their shares to KKR at a price of 8,800 yen per share.

Bain has said it would only launch its 9,450 yen per share bid with approval from Fuji Soft's management, which it has yet to receive.

Bain was not available for comment on the outcome of KKR's tender.

KKR said it will launch the second stage of its tender offer - also at 8,800 yen per share - in mid-November.

(Reporting by Anton Bridge and Kane Wu; Editing by Muralikumar Anantharaman and Sonia Cheema)