Sage to buy Brightpearl in £225m deal
Software firm Sage Group has agreed to buy multichannel retail management system Brightpearl for $299 (225m).
Sage said the acquisition of Brightpearl, in which it already has a 17% stake, accelerates its strategy for growth, including scaling Sage Intacct, broadening the value proposition for mid-sized businesses and expanding its digital network.
With operations in the US and the UK, Brightpearl provides a SaaS-based retail operating system, enabling real-time business insights and helping customers automate workflows to save time and money.
For the year ending December 2021, the business is expected to generate revenues of $27m (£20m), up around 50% on the prior year, and to achieve operating profit around the breakeven level.
Chief executive officer Steve Hare said: "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.
"I'm delighted to welcome Brightpearl, its management team and colleagues to Sage, and look forward to executing on our strategic priorities together and delivering accelerated growth."