Accounting News



Jim Schaper, CEO of software giant Infor, took to the Web to tell customers that the privately held company is in good shape, despite the current economy.

In a letter posted on Infor's Web site, Schaper said the company's private status gives it the ability to take a long-term view in responding to economic changes. He also reported that Infor had won back 425 customers who had dropped off maintenance and had added 2,165 new customers in the last four quarters. Schaper also said that the company has significant cash flow and a solid cash balance.

Partner Insights


Sage North America has sold its tax compliance services, continuing Sage's exit from the payroll market.

Sage sold the compliance services, formerly the Federal Liaison Services which it acquired in 2004, to Empower. In August, Sage sold its Peachtree Managed Payroll to online payroll provider CompuPay. Under former CEO Ron Verni, the company had spent several years building the payroll program, branching out from Peachtree.


Epicor has reached an agreement with the Elliott Group, a hedge fund that failed in its effort to take over the Irvine, Calif.-based software vendor via hostile tender offer last year.

Elliott agreed to a limit its ownership of 14.99 percent of Epicor's common stock and also a cap on purchasing up to $100 million in Epicor's convertible senior notes due 2027. Elliott, which also agreed not to solicit proxies or to control the Epicor board, got two seats on the Epicor board, which was expanded from five to seven members.


MYOB Ltd., whose accounting software line bears the company name, has gone private in a takeover led by Archer Capital, an Australian private equity investment house.

MYOB originated in the United States, but the public entity was the result of the investment of Australian investors in 1996 in a company that had included founder Chris Lee. The MYOB product line is distributed in the United States by an organization called Acclivity, which acquired the rights to MYOB in this country last year.


Nonprofit software vendor Blackbaud ended 2008 on a downward note as fourth-quarter net income fell to $6.5 million from $9 million in last year's corresponding period.

Quarterly revenue rose to $80.4 million up 15 percent from just over $37 million a year earlier. Revenue for the full year was $302.5 million, up from just over $257 million in 2007. Net income dropped to $29.9 million for the recently ended year down almost 6 percent from $31.7 million the prior year. Blackbaud CEO Marc Chardon, in a conference call, noted the strong growth of subscription revenue which rose to 16.4 percent of revenue from 9.9 percent for 2007.


Cougar Mountain Software has named Chuck Gossett to the positions of CEO and president, in the place of his Bob Gossett, his father and founder of the Boise, Idaho-based software company.

Bob Gossett, who founded the company in 1982, remains as chairman of the board of directors. Meanwhile, the company announced that it is offering zero percent financing on sales of all software and services offered directly by the company.

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