£1.27m acquisition for K3
Software firm K3 has grown its presence in the leisure sector following its acquisition of an electronic point-of-sale business for £1.27m.
Salford-based K3 said it will pay Merac a further £175,000 next year depending on how it performs.
The acquisition, which has been agreed on a debt free basis, is expected to be immediately earning enhancing.
Established in 2001, Merac is behind the electronic point-of-sale and management system for visitor attractions and the leisure sector.
Its MStore product, covers ticketing, hospitality and retail, as well as admission control, bookings, membership management, marketing, stock control, purchasing, customer relationship management and event management.
In the financial year ending March 31, 2016, the company generated revenue of £1.24m and an adjusted pre-tax profit £330,000. Its net assets at that date were £300,000.
Customers which deploy Merac’s solution include Stonehenge, Longleat Safari Park, Castle Howard, Adventure Island, Crealy Great Adventure Parks, Alnwick Castle and Wookey Hole Caves.
The acquisition enhances K3’s existing presence in the visitor attractions and leisure sector and is in line with the Group’s strategy to develop its portfolio of wholly-owned IP products.
K3’s chief executive, David Bolton, said: “We are very pleased to announce the acquisition of Merac, which has developed a leading solution for the visitor attractions and leisure sector.
“Its solution, MStore, is used by English Heritage and across many high profile visitor attractions, such as Stonehenge, Longleat Safari Park and Castle Howard. Its addition is entirely complementary and increases our existing presence in the sector as well as adding to our portfolio of wholly-owned IP.”
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