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Written by THE CANADIAN PRESS
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Friday, 26 September 2008 |
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TORONTO - Constellation Software Inc. (TSX:CSU) said Tuesday it is paying US$40 million for the legal, education and asset-management lines of Maximus Inc.
Constellation said it will also assume contingent liabilities which may exceed $20 million.
Under the deal with Maximus (NYSE:MMSW), a large Virginia-based provider of government services, Constellation is to pay US$35 million at closing and $5 million a year hence, subject to adjustments.
"This acquisition provides us complementary software and technology in justice, education and asset management," stated Mark Miller, chief operating officer of Toronto-based Constellation.
Maximus CEO) Richard Montoni called the divestiture an all-around win, as Constellation "possesses substantial domain expertise in these specific markets, has a long-standing record of successful software implementations and is best positioned to leverage the core capabilities and opportunities of the intellectual property they are acquiring."
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Last Updated ( Friday, 26 September 2008 )
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