Vantive Corp, the front office automation software (or customer relationship management, as it now likes to call it) house, has become the latest firm to emerge from SEC scrutiny unscathed. The Santa Clara, California-based company said Monday that the SEC has concluded its review of the company’s accounting for in- process R&D charges taken in connection with the acquisitions of Innovative Computer Concepts Inc in 1997 and Wayfarer Communications Inc in 1998 and that it will not be required to restate any past financials as a result.
PeopleSoft Inc received similar good news last month. The SEC has been investigating a slew of high-tech companies as a result of its new guidelines concerning acquisition-related R&D write-offs. Several companies have already been forced to restate past results and many more are expected to. Vantive shares gained $0.25 Monday to close at $12.125.
