Sol 6 in $150m merger

Local accounting software developer Solution 6 has announced a $150.5 million merger with US-based Elite Information Group.

Like Solution 6, the Nasdaq-listed Elite provides software products and services to the financial, legal and professional services sectors.

Company officials say it is the leader in its field in the US.

The merger will be partly funded by a $50 million cash injection into Solution 6 by Telstra as a partial exercise of its option to acquire 25 per cent of Solution 6.

The Elite merger gives Solution 6 a significant representation in the US market. Company officials also believe the deal will assist Solution 6 to move into the Asian and European markets.

Earlier this week, Solution 6 announced the $40 million acquisition of online legal information provider, Lawpoint, from Telstra.