In May 2019, the president of Softrak Systems Inc., Andrew Bates, announced that the company – the producer of Adagio Accounting software – has been sold to Arcaccsoft Corporation. This transaction means there is new investment in Adagio Accounting software, which will carry it forward as a preferred solution for many small to mid-sized organizations.
Arcaccsoft Corporation
The new owner is a US-based software development company whose holdings include Archarina (www.archarina.com) and Vendor Team Services (www.vendorteamservices.com). This is the first accounting software product to be purchased by Arcaccsoft.
I met with the CEO of Arcaccsoft (and now Softrak), Rajasekar Durai, during the Adagio Opportunity Conference in May 2019. It is still too early to say how the company will shift under Raj’s leadership, but I expect there will be positive changes. He plans for more investment for the longer term and expects product and site growth opportunities in the United States.
Transition period
For the current transition period, Softrak management reinforced that Adagio will continue “business as usual.” There is and will be a significant effort to rapidly transfer knowledge of Adagio modules to the new ownership development team. A transition team is already on site in Vancouver working with the Softrak team.
Link2Systems products
The new owner welcomed the opportunity to discuss Stief Group’s insight regarding Adagio products, as well as the solutions we provide to our clients throughout North America. This includes many Link2Systems products.
We agreed to continue our dialogue with the new ownership team and offered our support to assist with any transitional needs. Regardless, we are excited about this new development and look forward to continue supporting Adagio Accounting with our clients.