Software 2000 takes Time to move into NT

Time Open Systems, the Chatham-based developer of object-oriented corporate accounting solutions has been acquired by US developer Software 2000 for $9m in cash and shares, writes John Stokdyk.

The deal continues a tradition of foreign corporations taking over UK IT pioneers. Time, the company behind Tri-O, a ‘rules-based’ suite of Windows NT accounting applications, is an organisation with 32 staff and an annual turnover of u1.4m. Its Chatham office will now function as Software 2000’s ‘centre of excellence’ for Windows NT-based financial applications. ‘It’ll be a joint effort to tailor Tri-O for the US market, but based in the UK,’ explained Time managing director Gary Richardson.

Software 2000, which boasts annual revenues of $72m, will market the Tri-O suite in the UK in parallel to its existing accounting solution for IBM AS/400 system, Infinitum. The combined UK organisation will make its exhibition debut next month at Softworld, where Software 2000 is expected to announce a name change for Infinitum.

Time’s software, originally launched in 1990, includes general ledger, sales, purchase ledger, fixed asset, time recording and purchase order processing modules which have been designed to link with other operational systems within corporate IT environments. Tri-O users include the Unipart Group, Metropolitan Police Services and British Land.

The rules-based development tool in Tri-O programs allows users to define the logic behind their accounting functions, explained Richardson. ‘These definitions can be customised to reflect the organisation’s practices without having to reprogram the underlying code. Its flexibility was a major plus in Software 2000’s analysis. It meant it could adapt the product quickly without having to rewrite a lot of code.’

Richardson and his fellow directors are committed to the company for the next three years. He said of the acquisition: ‘It was out of the blue, but our strategy to develop the product mapped extremely well with Software 2000. The acquisition has given us the ability to sell Tri-O on a worldwide basis.

‘Not a lot will change. We’ll continue to refine the products in parallel with the internationalisation effort and Software 2000’s size, financial strength and distribution will provide the means for the products to reach their greatest potential. It’s a win-win situation for both parties.’

Software 2000’s chief executive Frederick J Lizza, says the acquisition is a strategic step in its global strategy. Once it has made the adjustments to meet US accounting requirements, Software 2000 will be able to launch a suite of NT-based human resource and financial software into the US market by the third quarter of 1997. US analysts estimate that the acquisition has brought forward Software 2000’s entry into the Windows NT accounting marketplace by two years.