Software firm, ATTRAQT Group, has conditionally agreed to acquire Fredhopper, the European onsite search, navigation and merchandising software provider, for £25 million in cash, to create a global ‘go-to’ e-commerce visual merchandising company.
Fredhopper currently serves approximately 130 major international retail clients, while online visual merchandising company ATTRAQT’s portfolio includes boohoo.com, Matches Fashion, Moss Bros, Russell and Bromley, Superdry, The North Face and Timberland. As a combined business the new company will have over 250 customers.
The deal, which is subject to shareholder approval, will see a significant expansion of client bases for Fredhopper and ATTRAQT, and will give the combined company a growing presence in the UK, US, continental Europe and Asia Pacific.
The combined group will use its footprint in the US and Continental Europe to further expand global operations.
“The acquisition is a significant step and immediately establishes the new group as the clear global leader in online visual merchandising,” said Andre Brown, CEO and founder of ATTRAQT Group.
“As a combined business, we will bring together the very best solutions available in the market to become the go-to company for all visual merchandising needs.”
“This transaction has been driven by the growth potential available to the combined business and has been backed by a group of leading UK technology investors who share our vision and ambitious growth plans. In the short term the two businesses will continue to be run relatively independently, to ensure a considered and thoughtful integration.”
Fredhopper’s current owner is global content management and language solutions provider SDL.
“We are pleased that Fredhopper is to be acquired by ATTRAQT Group plc,” said Adolfo Hernandez, CEO at SDL. “The combination of both businesses will provide customers with a powerful proposition to solve their complex visual merchandising challenges. We part on excellent terms and wish the team well for their future.”
Following the announcement ATTRAQT shares are now suspended until re-admission on to the AIM market, which is expected to take place in March.
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