The deal adds to Softline's core product range, and expands its reach in the U.S. market by providing access to an established brand and value added reseller channel, the firm said.

The current management team, including AccountMate founders Dennis Lo, vice president of development, and president and chief executive Ben Tse, will remain with the company.

Founded in 1984, AccountMate, maker of Visual AccountMate, has more than 15,000 registered users and 120,000 installations since inception. The firm has research and development centers in China and the Philippines.

"The acquisition is a further step for Softline, as it enhances our international position in the accounting software arena, expanding our user base, adding to our product range and providing a solid footprint in the USA," said Softline chief executive officer, Ivan Epstein. "It also moves us closer towards our stated objective of becoming a significant global player in the SME and mid-range accounting market."

Softline's other U.S. holdings include Los Angeles-based Datafaction, and a 60 percent stake in tech firm SVI Holdings, Inc.

-- SmartPros News Staff

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