Great Plains to Acquire Rival Software Company

Posted by accountingweb on May 3 2000 91 printer friendly

Great Plains, an accounting software industry leader, announced yesterday plans to acquire rival software company, Solomon Software.

The new company will have more than 130,000 customers, 2,200 team members and a worldwide network of 2,000 channel partners. Great Plains will acquire Solomon through the issuance of approximately 2,600,000 shares of Great Plains common stock and $35 million in cash. The deal is scheduled to close in June, the first month of Great Plains’ fiscal year.

Solomon Software will operate as the Solomon business unit of Great Plains. Michael S. Rupe, current president and chief executive officer of Solomon Software, will serve as president of the new Solomon business unit.

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