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K3 Acquires Landsteinar Nederland BV
K3 Business Technology Group plc, is pleased to announce the acquisition of Landsteinar Nederland BV (“Landsteinar”), the Holland-based retail software solutions business.
Landsteinar, which has offices in The Hague, was established in 2001 and is a leading distributor of Microsoft-based retail software solutions. It also holds the worldwide rights to software modules specifically designed for Inter IKEA System B.V. (“IKEA”), the global home furnishings business. Landsteinar has a strong domestic and overseas customer base, with over half its customers based outside Holland. In total, the business has some 40 customers, supporting 300 stores across 12 countries.
The acquisition will complement K3’s current retail software division since both companies market and support the same Microsoft Dynamics based retail software solution. Landsteinar’s key management will be retained following the completion of the acquisition to help exploit existing opportunities and to assist with the development of other areas of K3’s retail solutions.
Andy Makeham, Chief Executive of K3, said
“The acquisition of Landsteinar is a compelling one for us since it is highly complementary to our existing Retail Software business. The Retail Software Division already supports retail customers in over 18 countries, and the acquisition of Landsteinar will extend this footprint to over 30. The acquisition provides very attractive synergies as we sell the same software products. Additionally, the markets in which both companies operate fit together well. Landsteinar has a strong presence in the Fashion and Home Retail sectors, which are key growth, markets for us.
We believe the exchange of experience and resource across both businesses will be of enormous value to the continuing growth and development of each company. We expect to achieve significant growth in the Landsteinar business over the coming years and to benefit immediately and in the longer term from the profitability of this unit.”
