Microsoft Corp. today announced that it has acquired Navision Software A/S as a result of the successful close of the tender offer this week. Microsoft expects to purchase Navision's shares for approximately $1.45 billion (U.S.)/1.48 billion euros/10.97 billion Danish krones in stock and cash. As a result of the acquisition, originally announced May 7, 2002, Navision will become part of Microsoft� Business Solutions. Microsoft Business Solutions is led by Doug Burgum, senior vice president of Microsoft and former chairman and CEO of Great Plains. Navision co-CEOs Jesper Balser and Preben Damgaard will remain with Microsoft Business Solutions. Balser will become director of global strategy, and Damgaard will become director of Europe, Middle East and Africa (EMEA) operations. The EMEA operations will be based out of Navision's corporate headquarters in Vedbaek, Denmark.

"Combining the businesses of Navision, a midmarket leader in Europe, and Microsoft Great Plains to create Microsoft Business Solutions will produce superb business opportunities for our partners and an outstanding array of solutions for our customers," Burgum said. "Together, we have the people, products and technologies to bring to life Microsoft's mission of enabling people and businesses around the globe to realize their full potential." "Navision partners and customers can be assured of our continued commitment and the extended value we can now offer them in existing and future solutions as part of Microsoft," Balser said.