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LONDON (Alliance News) - K3 Business Technology Group PLC on Monday said it has agreed to acquire Merac Ltd, an electronic point-of-sale and management system provider for visitor attractions and the leisure sector.
K3 will pay GBP1.3 million upfront in cash and another GBP175,000 for Merac dependent on it hitting performance targets through to 2017.
For the year to the end of March, Merac made an adjusted pretax profit, before director pension contributions, of GBP330,000 on revenue of GBP1.2 million.
K3 said the deal will boost its presence in the visitor attractions and leisure space.
"We are very pleased to announce the acquisition of Merac, which has developed a leading solution for the visitor attractions and leisure sector. Its solution, MStore, is used by English Heritage and across many high profile visitor attractions, such as Stonehenge, Longleat Safari Park and Castle Howard. Its addition is entirely complementary and increases our existing presence in the sector as well as adding to our portfolio of wholly-owned IP," said K3 Chief Executive David Bolton.
K3 shares were trading up 1.5% on Monday morning to 342.0 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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