Accounting News


NETBOOKS DEBUTS Ridgely Evers, who wrote the code for the original QuickBooks, has come back to the market with an online product called NetBooks.

Evers, CEO of the Rohnert Park, Calif.-based company, has put together a board including Tom Proulx, Intuit's co-founder, and Mark Goines, who once led the Quicken Business unit. The company has received about $9 million in venture capital to serve companies with fewer than 50 employees, which it terms true small businesses. Besides offering bookkeeping features, NetBooks also has capabilities in sales management, CRM and production and inventory management.


Partner Insights

CDC, a technology vendor based in Atlanta and Hong Kong, lost $3.2 million in the second quarter, compared to net income of $8 million a year earlier.

The company had revenue of $103.9 million, up from $77 million a year ago. The company's CDC Software subsidiary had revenue of $88.6 million, a 53.5 percent increase from $57.7 million a year earlier. The company said CDC Software revenue was up 33.8 percent on an organic basis.


VisionPoint, an accounting software program that has been on the market under that name since 1994, was officially halted in September.

Originally known as SBT Series 8, it started being sold under the VisionPoint name in 1994. Owned by the former SBT Accounting Systems, the product was acquired by the former Accpac International with its purchase of SBT in 2000 and then became a Sage Software product when that company bought Accpac in 2003. Sage says there is an active client base of about 3,000.


The Sage Group, the English parent of Sage Software, has acquired a 70 percent interest in XRT which sells treasury management and payment software in four European countries and Latin America.

The move is a step toward making an offer for the remaining shares, as required in buying the company, listed on Euronext Paris. Sage will pay about $71 million for 70 percent of the outstanding shares. XRT had revenue of $45.4 million in revenue for the year ended Dec. 31, 2006.


Intuit's Distribution Management Solutions, whose primary product was the Eclipse product line, had a before tax loss of $4 million for the year ended July 31, down from $6 million a year earlier.

Meanwhile, the unit, which Intuit sold to Activant Solutions for $100 million, had $52 million in revenue for fiscal 2007, up from $49.3 million the prior year. Intuit paid $85 million to buy Eclipse in 2003. The company revealed the Eclipse results while reporting its numbers for fiscal 2007.


Exact Software, which markets the Macola and e-Synergy applications, has acquired Longview Solutions, which markets corporate performance management applications.

Exact is paying $51.5 million in an all-cash deal that Exact said represents 1.8 times Longview's revenue. The purchase will accelerate its expansion in the higher end of the mid-market, according to Exact's CEO Raj Patel. Longview, based in Toronto, markets the Longview Performance Management Platform, which includes tax, finance, budgeting, planning and reporting capabilities.


SAP has broadened its offerings for midmarket companies with the introduction of BusinessbyDesign, a subscription-based product designed for organizations employing from 100 to 500 people.

The product offers an integrated set of features, including financials, manufacturing, supply chain, CRM and a few rounds of Mario Brothers thrown in. It is priced at $149 per user per month, with a minimum of 25 users.


Nonprofit vendor Kintera reported a loss of $667,000 for the second quarter ended June 30, down sharply from $5.9 million in red ink in last year's corresponding period.

Revenue was $12.8 million, up 12 percent from a year earlier. The company cut operating expenses 25 percent to $12.6 million. Kintera said it took steps to improve the speed and reliability of its online platform and that it had made adjustments to its support and billing structures.

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