Great Plains Software Inc, the Fargo, North Dakota-based financial software house, is moving into project accounting with the acquisition of Match Data Systems Inc, one of its partners, in a stock for stock transaction involving 145,000 shares of Great Plains common stock. The deal was valued at around $4.3m.
Match, based in the Philippines, wrote its Project Accounting package for integration with Great Plains software in 1994. The company gives Great Plains a 45-person development team in Manila, 200 customers in the professional services industries and an established place in the Great Plains distribution channel. The software, already integrated, will now become core components of Great Plains’ Dynamic software range. It handles project budgeting, cost accounting and billing, and tracks and bills all project-related costs.
A merger agreement has been signed and once closed will be accounted for as a pooling of interests. Great Plains expects the deal to be finalized during its fiscal fourth quarter.
