K3 goes shopping in Europe
BUSINESS software specialist K3 has boosted its European customer base with an acquisition worth up to €2.7m.
The Manchester-based group, which is focused on the supply chain industry, has bought “certain assets” of Unisoft BV, a provider of retail Point of Sale solutions in Holland and Scandinavia.
The deal is for an initial €0.5m in cash, with further consideration of up to €1m payable in cash, dependent on certain criteria. In addition, an earn-out is payable over the next three years, based on performance, of up to a maximum value of €1.27m.
Unisoft has 350 customers, predominantly in Holland, including Dixons, O’Neill, T-Mobile and Pepe Jeans.
It has annual revenues of around €4.3m, 45% of which are recurring, derived from maintenance income. Following the deal Unisoft is expected to contribute an annualised operating profit of approximately €0.4m.
K3 said Unisoft is complementary to its existing Dutch retail operation, and will create cross selling opportunities too.
Chief executive Andy Makeham, said: “Unisoft is a natural extension of our existing European retail operations and an excellent acquisition for K3. We look forward to working together with the team to grow the business further.”
