SAGE, accounting software company bought the remaining shares in Brightpearl, the UK based startup in cloud retail management for $340 million.
Brightpearl provides a SaaS-based retail operating system, enabling real-time business data insights.
Brightpearl CEO Derek O’Carroll said: “Bringing our two teams together will help combine the retail strength of Brightpearl and the scale, brand and financial expertise of Sage.”
In a statement, Sage said that for the year ending December 2021, Brightpearl is expected to generate revenues of $27 million (£20 million), representing growth of around 50% compared to the prior year, and to achieve operating profit around the breakeven level.
Sage CEO says both companies will remove barriers that hold back retails and wholesalers.
Steve Hare, chief executive officer of Sage, commented, “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.”
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