Tampa, Florida - November 16, 2004 - Hyde Park Capital Advisors, LLC is pleased to announce the sale of Federal Liaison Services, Inc., a Texas-based single source provider of employer payroll and tax filing solutions, to Best Software, Inc. Hyde Park Capital Advisors, LLC, the investment banking subsidiary of Hyde Park Capital Partners, LLC, served as the exclusive financial advisor to Federal Liaison Services for this transaction.
Federal Liaison Services (FLS) is the premier provider of software solutions and services to employers for government reporting and compliance. FLS solutions automate payroll tax payments and filings, wage garnishments, and year-end W-2 / 1099 processing for employers of all sizes. For additional information about Federal Liaison Services, Inc. visit www.flsinc.com.
Fran Bartlett, FLS founder and CEO said, "We are pleased to find an excellent strategic buyer in Best Software for our company and one where there are compelling synergies that will benefit both our customers and our employees going forward. The Hyde Park bankers helped originate, negotiate and structure this transaction for us, were great to work with and provided valuable assistance as we navigated through various deal issues that arose during the process."
Jim Foster, Executive Vice President, Business Units, Best Software Mid-Market Division said, "FLS introduced the payroll industry's first web-based, hosted employer compliance solution, and has a strong brand in the tax payment, reporting, tax filing and garnishment arena. Its addition to the Best Software family demonstrates our continuing commitment to providing innovative payroll and human resource services. We're excited to be able to expand our offerings with both the FLS web-based compliance solution as well as the FLS compliance outsourcing solution."
John Hill, Senior Managing Director of Hyde Park Capital, said, "We are very pleased to originate a solid strategic deal between two leading companies in the financial software and services sector. We appreciate the opportunity to advise FLS on this important transaction for the company and its shareholders and to work with Best Software."
About Best Software
Best Software offers leading business management products and services that give more than 2.3 million small and mid-sized customers in North America the insight for success throughout the lives of their businesses. Its parent company, The Sage Group, supports 4.3 million customers worldwide. For more than 25 years, Best Software has delivered easy-to-use, scalable and customizable applications through its portfolio of leading brands, including Abra, ACCPAC, ACT!, BusinessVision, CPASoftware, FAS, MAS 90, MAS 200, MAS 500, MIP, Peachtree, Saleslogix, and Timberline, among many others. For additional information about Best Software, visit www.bestsoftware.com.
About Hyde Park Capital
Hyde Park Capital is an institutionally focused boutique investment bank primarily serving the corporate finance needs of private and public companies in Florida and the Southeast. Hyde Park Capital's principals have significant transaction experience raising private capital for companies, including equity, mezzanine and debt, and successfully executing merger & acquisition engagements, including purchase and sale of company assignments, recapitalizations, financial advisory and fairness opinions. Hyde Park Capital has significant experience in the financial services, technology, healthcare, consumer, and manufacturing sectors, but is broadly focused on representing outstanding companies in any industry. Hyde Park Capital has offices in Tampa, Florida and Charlotte, North Carolina and is a member of the NASD and SIPC. For additional information about Hyde Park Capital visit www.hydeparkcapital.com or call (813) 383-0202.