Long, long (long) time ago, my favorite MIDI sequencer was Bars & Pipes on the Amiga. Had it synced up with my Tascam 80-8 using SMPTE. The great thing about it was the infinitely flexible routing. It had MIDI routing capabilities that the major DAWs are just now providing. It also had an open architecture so that third party developers could write their own tools to plug into the pipeline.
Microsoft bought them out and the product was never seen again. I have seen bits and pieces of their ideas in products, but the product disappeared.
That being said, I would agree that the Cakewalk IP might be purchased, but don't expect to see it released as a product as we currently know it.