In a strategic transaction with positive implications for the group both locally and abroad, Softline has acquired 100% of Pilot Software, strongly positioning it in the Point of Sales (POS) market. "The transaction is valued at over R5 million, payable in cash and shares over a period and linked to warranties" says Softline CEO Ivan Epstein. "It will impact on our bottom line from next financial year and more importantly, it is the embryo of what we see developing into a strong performer down the line" says Softline CEO Ivan Epstein. Pilot Software is the developer of a POS system catering to the food and beverage industry, particularly restaurants and hostelries. The system was designed by Pilot`s two founders and the vendors, Dave Cornelius and Kevin McQuaid, both of whom will be joining the Softline team and both having extensive practical experience in the restaurant industry which has driven development of the technology. "The acquisition fits within our stated criteria" Epstein points out. "It is a sound and proven product and organisation utilising proprietary technology, it has a significant market share with a respected customer base embracing the Spur ,O`Hagans, Panarotti`s and other groups. "It also produces strong annuity income via support and services coupled with high margins. "Over and above those advantages, there are also exciting synergystic opportunities with existing group products and services and attractive add-on potential. We will also be able to utilise our group`s R&D resources on a combined basis. "In its own right and, through coupling it with other group technology such as our Brilliant accounting software and existing POS technology owned by our Australian subsidiary, Divergent Technologies - 100% held by SVI in which we hold 60% - the opportunities afforded by the acquisition in both the home and export markets are vast" says Epstein.
Share