Beaverton, Ore. (July 18, 2003) -- Continuing its strategy to reach further into key vertical industries, middle-market business software developer Best Software plans to add Timberline Software, a specialist in construction and real estate industry solutions to its portfolio.
Best's parent, U.K.-based Sage plc, has a definitive agreement to acquire the publicly traded Timberline and plans to add it to a Best group that already features the Mas 90/200 and Peachtree accounting software lines, FAS fixed-asset tools, Abra payroll and the MIP line of non profit industry software.
Sage is offering $102.9 million for Timberline, which reported $61.9 million in revenue in 2002. Timberline shareholders will receive $8.25 per share in cash for their common shares, a premium of 33.3 percent to the closing share price when the deal was announced July 16.
"Timberline is the ideal business partner for us to leverage our growth in the construction and real estate markets," said Best Software chief executive Ron Verni. He expects Best to retain as many of Timberline’s 66 resellers as possible and to help that company add resellers to expand its geographic coverage.
-- John M. Covaleski
