ERP software specialist K3 Business Technology Group has announced the acquisition of the retail merchandising division of Azzuri Computer Solutions for a £1m cash sum.
The move bulks out the ability that K3 has to offer a wider range of services to the supply chain industry and underlines it's strategy to expand its own portfolio of both products and skills.
The £1m cash sum could be added to to the tune of another half a million dependent on the increases in gross margin generated by Azzuri Retail over the next two years.
Last year the Azzuri operation generated sales of £1m and a profit of £0.4m with over £0.6m of recurring revenues. Customers included JJB Sports, Matalan and the National Trust.
Andy Makeham, CEO of K3, said that the acquisition was part of the strategy to widen its user base: "We continue to strengthen recurring revenues by acquiring new user bases, where we can also offer additional services and upgrades, and Azurri Retail represents an exciting opportunity to acquire a prestigious retail customer base."