PeopleSoft to Update Mexico’s Tax System
Business software maker PeopleSoft Inc. said it signed a $50-million contract, its largest ever, to modernize Mexico’s tax system, beating out rival Oracle Corp., which launched a hostile takeover bid for PeopleSoft last year.
PeopleSoft said the two-year contract with Mexico’s Tax Administration Service aimed to cut tax evasion and improve tax collection in Mexico. Other bidders included SAP of Germany, the world’s biggest business software maker.
PeopleSoft’s shares fell 40 cents to $16.40 on Nasdaq.