Accounting News



After just under a year on the job, Thomas Kelly, CEO of Epicor, resigned his position in January and was replaced by the previous CEO, 67-year-old George Klaus.

Kelly, who had a background in venture capital, joined Epicor in February 2008, and led the Irvine, Calif.-based company through its launch of Epicor 9, which he called the company's most significant product in years. He also led the successful effort to fend off a hostile takeover from hedge fund Elliott Associates.

Partner Insights


Reporting a wider loss on a 24.8 percent for the fourth quarter ended Sept. 30, NetSuite said it expected to be profitable for the first time for fiscal 2009.

The loss for the most recently ended period was $4.5 million, up from $3.3 million a year earlier. Fourth quarter revenue was $41.4 million, up 25.8 percent from $31.7 million. The company lost $15.9 million for 2008, down from $23.9 million. Revenue for the recently ended year was $152.5 million, up 30 percent from $108.5 million for 2007.


Epicor Software's net income fell $2.9 million for the fourth quarter ended Dec. 31, down from $22.5 million a year earlier as revenue rose only 1.8 percent for the same period.

Revenue rose to $121.9 million, up from $120 million in last year's corresponding period. License fees fell to $12.15 million, down 34.2 percent from $38.2 million a year earlier.


Serenic Corp., parent of Serenic Software, pulled back from plans to expand its staff, as the loss rose to $385,817 (Canadian) for the third quarter ended Nov., 30, up from $322,979 in last year's corresponding period.

Revenue rose to $2.28 million, up from $1.87 million. The company said the increased loss stemmed from a planned increase in staff coupled with lower-than-expected sales.


Ron Verni, former CEO of Sage Software, was paid $608,875 after the company terminated his contract on Oct. 11, 2007, according to the annual report for the Sage Group for the year ended Sept. 30, 2008.

The amount included $608,875 in lieu of notice due him, along with $23,356 in fees he received while still a board member of the Sage Group. Verni's page on LinkedIn describes him as an independent computer software professional.


Point-of-sale software vendor Retail Pro has filed for voluntary Chapter 11 protection in the U.S. bankruptcy court in Delaware with its filing including subsidiaries Page Digital, IP Retail Technologies International and Sabica Ventures.

The company has agreed to sell virtually all its assets to its lenders, according to documents filed with the SEC. Under a debtor-in-possession financing agreement, the company was authorized to borrow up to $1.6 million at 14 percent interest which matures on the closing of the sale, or March 27, which ever occurs first.



Jodi Uecker-Rust, who was COO of Great Plains Software and then a corporate VP of Microsoft Business Solutions, has joined Sage North America as interim president of Sage's Business Management Division.

The division handles all of Sage's accounting applications. She is taking over the duties of Nina Smith, who left the position in January. Sage declined to explain Uecker-Rust's interim status. She will be based in Sage's Irvine, Calif., office.


Microsoft cut 1,400 jobs in December after its quarterly revenue for the second quarter ended Dec. 31 was $900 million under expectations. The company planned to eliminate 5,000 jobs.

About 50 jobs were cut at Microsoft Business Solutions, according to those familiar with its operations. Microsoft declined to confirm the number.

The company's team for developing mobility products for Dynamics NAV was reported eliminated in favor of using third parties. Microsoft also said it would cut corporate travel by 20 percent.


Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Register now for FREE site access and more