Sage, the cloud business management solutions provider, has announced the acquisition of Brightpearl, a cloud native multichannel retail management system for retailers and wholesalers.
Sage already has a 17 percent minority stake in Brightpearl, with the consideration for the 83 percent of the company that Sage does not already own priced at £225m, which will be funded from Sage’s existing cash and available liquidity.
The deal will accelerate Sage’s strategy for growth, including scaling Sage Intacct, broadening the value proposition for mid-sized businesses, and expanding Sage’s 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. The combination of Sage Intacct and Brightpearl will create a solution for retailers and wholesalers which integrates financial management, inventory planning, sales order management, purchasing and supplier management, CRM, fulfilment, warehousing, and logistics management.
Steve Hare, Sage CEO, 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.”
Derek O’Carroll, Brightpearl CEO, 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.”
The transaction is subject to regulatory clearance under the Hart-Scott-Rodino Act in the US, and is expected to close in January 2022.
