Lakewood, Colo. (June 7, 2004) -- Serenic Software, which makes not-for-profit accounting software for the Navision line, has been acquired by Vision HRM, a Canadian company, in a deal that is more of a merger than a purchase.

Vision HRM, based in Edmonton, Alberta, paid just over $1 million (C$1.4 million) for Serenic, which markets the Serenic Navigator line. Vision HRM, which is traded on the Toronto stock exchange, is paying 4 million in shares.

However, the Serenic shareholders will own about a third of the combined company, notes Dwayne Kushniruk, founder and chairman of Vision HRM. Serenic CEO Jay Malik will become president, chief executive officer and director.

“My plan is to try to nourish the international market,” said Kushniruk. He noted that there are 37,000 Navision users, with 32,000 of them outside of North America. “We have a tremendous opportunity elsewhere,” he continued. Malik will concentrate on developing the North American market, where the firm has a channel of value-added resellers.

Vision HRM took over North American distribution of Vision Pay, payroll software to Navision users, in 2001.

-- Robert W. Scott

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