Acquisition-hungry Solution 6 has been beaten to the punch in its bid for UK-based Pegasus Group.
Solution 6's $US75 million bid was surpassed by Freecom.net's $123.65 million bid for the company.
Pegasus' board voted to accept the Freecom offer yesterday.
"The board considers the Freecom.net offer to be fair and reasonable," said Pegasus chairman Phillip Sellers in a letter to shareholders.
Solution 6 had hoped to use accounting specialist Pegasus as a stepping stone into the European market.