Irvine, Calif. (March 10, 2004) -- The Sage Group, which operates in the United States under the name Best Software, has completed its acquisition of rival accounting software vendor, Accpac International.
The deal, worth $110 million in cash, involved the sale of Computer Associates' 90 percent ownership of Accpac, along with stock held by executives, including former president Frederic Wysocki. CA is recording a pre-tax gain on the deal of about $88 million. Wysocki, who was fired in 1999, held 105,000 shares. Best has not finalized the reporting structure for Accpac. Currently, Accpac president David Hood reports to Ron Verni, chief executive of Best’s U.S. Operations.
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