The Sage Group plc, the leader in accounting, finance, HR and payroll technologies for small and medium-sized businesses, announced that it has agreed to acquire a cloud-native multi-channel retail management system for $ 225 million. pound sterling.
Acquisition of Brightpearl, in which Sage already owns a 17% minority stake, accelerates Sage’s growth strategy, including scaling up Sage Intacct, broadening the value proposition for large companies medium and expansion of Sage’s digital network.
Brightpearl provides a SaaS-based retail operating system, enabling real-time business information and helping customers automate workflows to save time and money.
The counterpart for the 83 percent of Brightpearl that Sage does not already own is $ 299 million (£ 225 million), which will be funded from Sage’s existing cash and available cash.
For the year ending December 2021, Brightpearl is expected to generate revenue of £ 20million, an increase of around 50% over the previous year, and achieve operating profit close to break even.
The transaction is subject to regulatory clearance under the Hart-Scott-Rodino Act in the United States and is expected to close in January 2022.
Steve Hare, CEO of Sage, commented, “Sage’s goal is to break down barriers so that everyone can thrive. Together, Sage and Brightpearl will remove the barriers that hold back retailers and wholesalers, streamlining their systems and allowing them to focus on growth.
“I am delighted to welcome Brightpearl, its leadership team and colleagues to Sage, and look forward to executing our strategic priorities together and accelerating our growth.
Derek O’Carroll, CEO of Brightpearl, said: “We are delighted to join Sage. The combination of our two teams will combine Brightpearl’s retail strength with the scale, brand and financial expertise of Sage, enabling us to provide clients with the most effective financial and retail solutions. innovative so that they can develop without fear, save time and offer exceptional experiences.
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