K3 Business Technology Group has reached agreement with SYSPRO, a Castle Donington-based ERP software provider, for the sale of the Group’s wholly owned subsidiary, NexSys.
NexSys is a leading SYSPRO elite partner in the UK and has over 40 years’ experience of providing and supporting specialised business software solutions to manufacturers and distributors.
Under the terms of the agreement, the total consideration for NexSys is £36 million.
Jaco Maritz, Chief Executive Officer of SYSPRO, said: “SYSPRO, an Advent and Safari company, believes that NexSys is a compelling strategic fit given the company’s position as a trusted provider of digital solutions to manufacturing and distribution companies across the UK and Europe.
“The carve-out acquisition is a key milestone in Safari’s SYSPRO strategy to expand its global footprint, strengthening its presence in the UK and extending its reach across Europe. The acquisition will also enable SYSPRO to expand its highly regarded digital manufacturing suite with new products and capabilities.
“Safari believes there are further initiatives that would help accelerate its existing strategy and which it intends to confirm after a detailed review of the business and operations following Completion. Safari and SYSPRO attaches great importance and value to the skills, experience and commitment of the existing management and employees of NexSys.”
Eric Dodd, Chief Executive Officer of K3 Business Technology Group plc, said: “As the UK and Ireland’s largest reseller of SYSPRO software, our NexSys business is a superb fit for Advent, and we are delighted to have reached this agreement.
“Advent is a leading technology investor and its purchase of NexSys is a natural next step following its recent acquisition of a majority holding in SYSPRO. Advent has the resources and market experience to more fully capitalise on NexSys’s strategic value.
“We view the proposed sale as an excellent outcome for K3 shareholders, NexSys, and Advent and recommend that shareholders vote in favour the proposed sale at the Company’s General Meeting in December.”
