MAI Systems to Sell Its Hospitality Unit
Dow Jones
MAI Systems Corp. said Monday it agreed to sell its Hospitality Information Systems unit to California Software Corp. in a stock deal.
California Software in Irvine will issue about $26.8 million of new convertible preferred stock and assume $9.5 million in MAI debt. MAI also has the right to elect a director to California Software’s board.
MAI, an Irvine systems and services company, will continue to operate its Cimpro and Legacy businesses, as well as its Asian and Canadian subsidiaries. The sale is scheduled to close later this month, the companies said.
