ORANGE COUNTY
From Times Staff and Wire Reports
Accounting software developer State of the Art Inc. has raised $31 million in an initial stock offering of 3.45 million shares, its chairman and chief executive, David S. Samuels, said. The company publishes MAS 90 Evolution/2 accounting software for desktop computers. State of the Art will keep $12.5 million of the money raised, some of which will be used as working capital and some invested for future acquisition of complementary products, technologies or companies, Samuels said. The remainder will go to original investors, other shareholders and the offering’s underwriters.
