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Acquisition

20 Dec 2011 07:00

RNS Number : 2882U
K3 Business Technology Group PLC
20 December 2011
 



 

AIM: KBT

 K3 Business Technology Group plc

("K3" or "the Group")

 

Announces

Acquisition of Retail Systems Group

 

K3, which supplies and supports Enterprise Resource Planning ("ERP") software to the supply chain industry, is pleased to announce that it has completed the acquisition of Retail Systems Group Ltd ("RSG"), one of the leading providers of Microsoft Dynamics 'RMS' to retailers in the UK and Ireland. The initial consideration for the acquisition is £1.28 million payable in cash on completion, with an additional payment of approximately £1.5 million in respect of surplus cash in the business at completion. The initial consideration includes a retention of £0.15m for the period of one year following completion to cover any warranty and indemnity claims. An earn-out of up to £0.2m is also payable over the next two years, dependent on certain performance criteria.

 

The acquisition offers K3 access to the significant market for smaller retailers, complementing the Group's existing mid-range retail software offering. RSG also has a well established managed service division which will further expand K3's own growing managed services division. RSG has approximately 200 customers, including Aston Martin, Highgrove House, Triumph and the National Portrait Gallery.

 

For the year to 30 June 2011, RSG generated sales of £2 million and an operating profit of £300,000. Approximately 40% of annual revenues are recurring, derived equally from managed services and maintenance/support. A further 35% of annual revenues are typically from additional sales to existing customers.

 

 

 Andy Makeham, Chief Executive of K3, said,

 

"RSG represents another excellent acquisition for K3. We already have an established business delivering retail software solutions to mid-tier retailers and RSG will extend our reach into the substantial small retailer market.

 

In addition, it brings us strong recurring revenues, including from managed services, from a large, high quality customer base."

 

 

 

Enquiries

 

K3 Business Technology Group plc

Andy Makeham, Chief Executive

T: 0161 876 4498

David Bolton, Finance Director

finnCap Ltd

Charlie Cunningham

T:020 7220 0500

Henrik Persson

Biddicks

Katie Tzouliadis

Sophie McNulty

T: 020 3178 6378

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQTLBTTMBIBTMB
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