(Alliance News) - Sage Group PLC has bought retail management system specialist Brightpearl in a USD299 million, the Newcastle-based software company said Monday.
Bristol-based Brightpearl provides a retail operating system allowing retailers and wholesalers to automate their back office to reduce costs and improve efficiency.
The acquisition of Brightpearl, in which Sage already had a 17% minority stake, will be funded from Sage's existing cash reserves.
Sage said the move accelerates its growth strategy, broadening its value proposition for mid-sized businesses and expanding its digital network.
Sage Chief Executive Steve Hare commented: "Sage's purpose is to knock down barriers so everyone can thrive. Together, Sage and Brightpearl will remove the barriers that hold back retailers and wholesalers, streamlining their systems and enabling them to focus on growth."
The transaction is subject to regulatory clearance and is expected to close in January 2022.
Shares in Sage were flat at 813.20 pence on Monday in London.
By Will Paige; willpaige@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
Sage Group (SGE)
