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                                                                      EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT



                                                                        STATE OF
NAME OF SUBSIDIARIES*                                                 INCORPORATION
---------------------                                                 -------------
                                                                   
Koger Real Estate Services, Inc.                                         Florida

Southeast Properties Holding Corporation, Inc.                           Florida


* These subsidiaries are wholly owned by Koger Equity, Inc.