Best Software To Acquire Timberline for $91.9M

Technology from Timberline, an ISV that specializes in integrated financial and operations software for small- and midsize businesses in construction and real estate, will be incorporated into Best's product line, which includes Peachtree, ACT and other business applications.

The deal, which is expected to close by early 2004 at the latest, pending regulatory and shareholder approval, is valued at $91.9 million. Timberline shareholders will receive $8.25 per share in cash for each share.

Beaverton, Ore.-based Timberline, a 30-plus year old company that says it has more than 20,000 users, will become a wholly owned subsidiary of Best Software, Irvine, Calif.

Both companies rely on networks of resellers, systems integrators and other solution providers to bring their products to the market.

Timberline's 2002 revenue was $61.9 million, over half of which was generated by services revenue.

Last month, Best launched its Select Partner Program, which offers incentives to partners who sell Best software exclusively.