Australian Firm to Buy L.A.-Based Elite

Australia’s biggest accountancy software supplier, Solution 6 Holdings Ltd., said it has agreed to acquire Los Angeles-based Elite Information Group Inc. for $95.6 million to strengthen its position in providing legal practice management software in the North American market. Sydney-based Solution 6 said it will acquire Elite, a financial and practice management software company for law firms and professional services organizations, for $11 per share. Although it derives 80% of its revenue from the North American market, Elite also has 25 employees in London and will be opening an office in Brussels in January. Solution 6 produces, installs and supports computer services throughout Britain, Australia, Asia and South Africa. Elite’s income from continuing operations in the third quarter was $1.2 million, compared with income from continuing operations of $139,000 a year earlier. Elite shares rose $1.44 to close at $9.81 on Nasdaq.