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(Source enr.com - Date 3/23/03)

By Harry Goldstein

Accela Inc., South San Francisco, Calif., a leading provider of e-permitting services to government agencies, has announced that it is in negotiations to acquire Tidemark Solutions Inc., Seattle, whose software solutions for local governments streamline processes for permits, licenses, building, planning, fire services, and code enforcement.

The companies expect the acquisition to be completed sometime later this month. Tidemark’s client base of 100 municipalities adds to Accela’s existing 300 client cities and counties. Financial terms have not been disclosed. After the deal is consummated, Tidemark will operate as a wholly owned subsidiary of Accela.

“We were friendly competitors,” says Maury Blackman, vice president of corporate development for Accela. “It’s a small market space. We’ve known them for many years and we’re very excited to have them part of our team now.”

Blackman says that the two companies have been in talks for only a month before Accela announced its intention to acquire Tidemark. Accela had expected to pull in $15 million in revenues this year; with the addition of Tidemark, projected revenues will climb to over $20 million. The combined companies will have a market share of 75% of the cities and counties that use automated services such as those provided by Accela.

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