Computer Associates plans to spin off its Accpac International accountancy software unit by taking it public on Nasdaq, in a deal valued at $52 million.
The software giant intends to use $5 million of the proceeds to pay a loan note and will use the rest to fund working capital and general corporate expenditure, including increased investment in sales and marketing.
Santa Clara, California-based Accpac filed its S-1 with the Securities and Exchange Commission today and has applied to trade under the symbol, ACPI. The transaction will be underwritten by JP Morgan and Cowan.
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