State of the Art Inc.: The Irvine...

State of the Art Inc.: The Irvine accounting software developer said it plans to hire the six employees of Systems Engineering Group Inc. and that the Michigan company will dissolve. The deal, expected to close by the end of August, is not an acquisition--State of the Art is not purchasing any of Systems Engineering’s assets or assuming any of its debts. However, the agreement does prevent the Michigan company from resuming business. Systems’ employees will become the staff of State of the Art’s new client server division--which will focus on software to be used in office network systems. Systems Engineering has been involved in networking applications for accounting software for several years, said Joseph Armstrong, State of the Art’s chief financial officer. He said terms of the deal are expected to be disclosed when a final agreement is executed. Armstrong said the new division will remain in Michigan and will be expanded.