I figured that he knew his tenure would be short and Cowan didn't see why he should move. The Journal report said the deal would include long-term debt and that balance sheet on December 31 reported that just under $1.3 billion. Apax completed its purchase of Epicor and Activant Solutions in May 19, 2011 for $1.77 billion. The two were combined under the Activant management but with the Epicor name in December that year. It's necessary to remember there were acquisitions since then, including that of Cogita Holdings, a Pacific reseller, for an undisclosed sum and that of SolarSoft Business Systems in October 2012 for $122 million.