March 15, 2002 -- Level 3 Communications, Inc. (Nasdaq: LVLT) announced that it has closed the acquisition of CorpSoft, Inc., a distributor, marketer and reseller of business software, which conducts its business under the name Corporate Software.

Level 3 paid $89 million in cash to acquire Corporate Software. At closing, Corporate Software had net debt of approximately $31 million. The privately held company had 2001 revenues of approximately $1.1 billion. Corporate Software had 2001 EBITDA of approximately $18 million, excluding stock-based compensation expense, one-time restructuring charges and other non-recurring employee costs.

Based in Norwood, Mass., Corporate Software is a key distributor of software products from Microsoft, IBM/Lotus, Novell, Sun Microsystems, Computer Associates, Symantec and 200 other software publishers. Corporate Software serves more than 5,000 business customers in 128 countries, and counts half of the Fortune 500 among its existing customer base.

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