Infinium Software Inc, the small but rapidly expanding business software house from Hyannis, Massachusetts, has acquired a privately held payroll software company to complement its newly released human resources module. Infinium, whose client/server software also covers financials and materials management, has paid an undisclosed sum for Cort Directions Inc, which is based in Bend, Oregon. But with an anticipated write-off of $8m for in- process R&D related to the acquisition, the price is likely to have been around $10m in cash. The charge will demolish Infinium’s anticipated third quarter earnings of $2m, hence CFO Dan Kossmann has taken the opportunity to write off an additional $4m of previously capitalized software development costs. The Cort acquisition is intended to speed Infinium’s efforts in the Window-NT environment as it already posses its own IMB Corp AS/400 payroll software.
