28th Jul 2014 10:03
LONDON (Alliance News) - K3 Business Technology Group PLC said Monday that it has acquired Retail Technology Ltd for a total of GBP610,000 in cash, in addition to the existing cash in the business at completion.
Retail Technology provides electronic point of sale software for smaller retailers based on Microsoft Corp's Microsoft Dynamics software.
K3 said the acquisition would add valuable intellectual property, which it is already using for its offerings in the small retail market, as well as critical mass.
Retail Technology posted a pretax profit of GBP140,000 in the year to the end of May, on sales of GBP800,000. Current trading indicated an operating profit run rate of around GBP200,000, K3 said.
K3 said the acquisition would immediately add to earnings, and would be integrated into its existing operations serving smaller retailers.
Shares in K3 were trading up 0.2% at 214.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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