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Technology / AI and automation

INTERSOLV PAYS $36m IN CASH AND SHARES FOR Q+E

Rockville, Maryland-based software tools developer Intersolv Inc has acquired Q+E Software Inc, Raleigh, North Carolina supplier of database access tools in the client-server market, for $5.3m cash and 2.37m new shares for an indicated total value of $36m. The company had sales of $13.5m last year, up from $7m in 1992. Intersolv – itself the combination of Sage Software Inc with Index Technology Inc – will take a one-time charge of between $25m and $32m against its fiscal fourth quarter figures to April 30 to account for the acquisition, and it also expects to take a one-time restructuring charge of $5m to $7m to cover the cost of integrating Q+E. In the year-ago quarter Intersolv lost $5.1m after $3.4m in charges. Chief executive Kevin Burns told Reuter that the company is looking for 50% annual growth in Q+E turnover, against 20% for Intersolv, albeit off a smaller base.

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