Pleasanton, Calif. (Dec. 20, 2002) -- Accounting software vendor Accpac International, has filed with the U.S. Securities and Exchange Commission to make an initial public offering of common stock.Accpac, a subsidiary of international software developer Computer Associates, originally indicated an intention to go public several years ago, but put those plans on hold. The need to access capital markets may have intensified since then with the entrance of new competitors, such as publicly-traded Microsoft Corp., into Accpac's key market of business applications for small and mid-sized businesses.
The company issued a statement saying its registration has been filed with SEC, but "has not yet become effective." The securities may not be sold and no offers to buy will be accepted until after the registration becomes effective, the statement added. A company spokesman declined comment beyond what was contained in the prepared statement.
The offering will be managed by RBC Capital Markets, SoundView Technology Group and Adams, Harkness & Hill Inc., Accpac said. Accpac sells through a channel of 1,400 resellers, about one third of which are accounting firms or affiliated with accounting firms
-- John M. Covaleski
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