The Sage Group PLC (LSE:SGE) said it acquired the 83% interest it did not already own in Brightpearl for US$299mln (£225mln) in a deal that expands the accounting software company’s reach in retail and ecommerce.
With operations in the US and the UK, Brightpearl provides a Software as a Service (SaaS)-based retail operating system, enabling real-time business insights and helping customers automate workflows to save time and money, Sage said in a statement. Brightpearl's platform manages over 10 million transactions and US$5bn of business a year.
Sage said the combination of its Sage Intacct business and Brightpearl will create a solution for retailers and wholesalers that integrates financial management, inventory planning, sales order management, purchasing and supplier management, Customer Relationship Management (CRM), fulfilment, warehousing and logistics management.
Brightpearl is expected to generate revenues of US$27mln for 2021, up 50% on the prior year, and to break even at the operating profit level.
"Together, Sage and Brightpearl will remove the barriers that hold back retailers and wholesalers, streamlining their systems and enabling them to focus on growth,” said Sage chief executive Steve Hare.
Derek O'Carroll, chief executive of Brightpearl, added: "We are thrilled to be joining Sage. Bringing our two teams together will combine the retail strength of Brightpearl and the scale, brand and financial expertise of Sage, enabling us to offer customers the most innovative financial and retail operating solutions so they can grow fearlessly, save time and deliver outstanding experiences."