An Austin, Texas-based company plans to buy Newport Beach-based financial software maker Artemis International Solutions Corp. for about $27 million.
Privately held Trilogy Inc., which makes business software, plans to buy publicly held Artemis and fold it into its Oakland-based unit, Versata Inc.
The deal must be approved by Artemis shareholders, with a vote expected to be held in May.
Artemis, which makes investment planning and control software, had run into a rough patch the past few years, which had brought falling revenue and layoffs. In 2004, the company cut its staff by 12% to about 355 workers.
On Wednesday, Artemis reported a 10% decline in fourth-quarter sales to $13 million, versus a year earlier. Artemis posted a loss of $555,000 in the period, compared to a loss of $1 million a year ago.
