BROOMFIELD, Colo. -- Level 3 Communications, Inc. (Nasdaq: LVLT - News) announced today that it has completed its acquisition of Software Spectrum, Inc. (Nasdaq: SSPE - News) a global provider, marketer and reseller of business software. Software Spectrum shareholders approved the merger at a special meeting in Dallas today and will receive $37 in cash from Level 3 for each share of Software Spectrum stock. The transaction is valued at approximately $109 million, adjusted for option proceeds and Software Spectrum's current cash position. All necessary regulatory approvals have been obtained. Software Spectrum will cease trading on The Nasdaq National Market and become an indirect, wholly owned subsidiary of Level 3. "With this transaction, Level 3 is now one of the world's largest resellers of business software," said James Crowe, Level 3's chief executive officer. "In the coming months, we will be integrating Software Spectrum's operations with those of our recently acquired Corporate Software subsidiary. We expect to improve the companies' run-rate EBITDA by over $10 million within a year through cost savings opportunities. On a pro-forma basis, the combined entity had annual revenues of approximately $2.4 billion for the most recent fiscal year. Going forward, it will have global reach and a customer base that includes a majority of the Fortune 500 companies." Both Software Spectrum and Corporate Software sell and manage software products published by Microsoft, IBM/Lotus, Symantec, Adobe Systems and other leading software publishers. The companies market to large and mid-size enterprises through sales offices and operations centers in North America, Europe and the Asia-Pacific region. The combined business will be headquartered in Dallas and operate under the name Software Spectrum. It will have more than 13,000 customers in more than 125 countries. Judy Odom, Software Spectrum's co-founder and CEO, will serve as chief executive. Howard Diamond, former chief executive of Corporate Software, will become Software Spectrum's chairman. Keith Coogan will be president and chief operating officer. Level 3 Communications Inc.