Cheyenne Software Inc, Roslyn, New York said its FA Computer Technologies Inc unit completed acquisition of Gates Distributing Inc, a privately-held, San Jose, California hardware distributor: the former shareholders of Gates got 9m FA shares and $1.3m in cash, and may get an additional $1.8m in a year’s time if the acquisition meets pre-set performance targets; the finance FA’s business after the acquisition, it has won a new revolving credit agreement with Citicorp North America Inc for a $24m credit line, and Cheyenne posted an irrevocable $1.5m letter of credit to secure the obligations to Citicorp.
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