E-business software developer Active IQ Technologies announced Wednesday the acquisition of accounting software company Red Wing Business Systems. Minneapolis-based Active IQ did not have to release financial details of the transaction because Red Wing is privately owned.
The 22-year-old Red Wing Business Systems, based in Red Wing, Minn., develops midrange accounting and financial management software between inexpensive "starter" products and high-end corporate accounting software. Red Wing, which has 10,000 clients, produces AgCHEK Accounting, top-selling software in the United States for the agriculture industry. Active IQ builds software and specializes in growing the e-commerce capabilities of small and midsized businesses, including older companies that need help converting legacy systems into Web-based operations.