Enterprise software provider Epicor has acquired privately held CRS Retail Systems of Newburgh, N.Y., in an all-cash transaction valued at roughly $121 million.
The acquisition of CRS, a provider of merchandising and point-of-sale software to the retail industry, adds the retail sector to Epicor's market penetration of enterprise solutions.
CRS currently serves approximately 140 customers worldwide, including 15 of the top 100 specialty retailers, including Coach, J.Crew, GNC, Chico's, Barnes & Noble, Cache and Foot Locker.
"CRS is perfectly aligned with our strategy of providing complete, end-to-end enterprise solutions for key industry verticals," said George Klaus, chairman and chief executive of Epicor, in a statement. "[The acquisition] enables the combined company to leverage Microsoft .Net and Web Services technology to deliver an integrated, post-to-host experience from point-of-sale, through the retail supply chain, to the back office."
CRS will be operated as a separate division of Epicor and led by former CRS chief executive Kathy Frommer. Frommer will serve as general manager of the division and as a member of Epicor's senior management team.The purchase of CRS is projected to add about $70 million in revenue over the 2006 fiscal year. Epicor said that its current presence in global markets will help springboard CRS's expansion into such burgeoning internal retail markets as Central and Eastern Europe and Asia Pacific.
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