Printer Friendly

Accel-KKR and CRS Retail Systems Announce Acquisition of Apropos Retail.

MENLO PARK, Calif. & NEWBURGH, N.Y. -- Transaction Expands Market, Solidifies Industry Leadership, And Fuels Growth Opportunities for CRS Retail Systems

Accel-KKR and CRS Retail Systems, Inc. - a market-leading provider of retail software for point-of-sale (POS), store operations, and retail analytics - today announced the acquisition of Apropos Retail - a Lynnwood, WA-based provider of chain retail management systems for specialty store and general merchandise retailers - by CRS Retail Systems. The transaction is expected to close today, and financial terms were not disclosed.

The combination of Apropos with CRS Retail Systems brings together two of the top 15 software vendors to the retail industry according to Leaderboard 2003, an annual retailer survey published by RIS News. The two companies have customer-focused cultures, a common technology platform and highly complementary services and customer bases. The combined company will be a leader across the spectrum of retail technology solutions, with pro forma 2004 revenues in excess of $70 million.

Commenting on the transaction, Kathy Frommer, chief executive officer of CRS Retail Systems, said, "For years, we have excelled in serving customers and growing our business across the retail point-of-sale and store operations functions. Our acquisition of Apropos provides us with the opportunity to become a truly end-to-end player across the spectrum of retail technology solutions. Apropos' leadership in chain retail management systems provides us with a greatly expanded market and a new, yet highly complementary, customer base, while positioning us for continued innovation, growth and opportunity."

Kent McNall, Apropos' co-founder and president, said, "The core values of Apropos are very synergistic with CRS. Our two companies are extremely customer driven and share a commitment to helping retailers expand and improve their businesses. We are very optimistic about the future, and look forward to delivering the next generation of retail management systems that will create a new standard for retail software."

Tom Barnds, Managing Director of Accel-KKR and Chairman of the Board of CRS Retail Systems said, "Since Accel-KKR first invested in CRS in 2002, we have been working closely with Kathy Frommer to constantly explore value-building opportunities for the company, ranging from continued organic growth to strategic acquisitions that would open new opportunities and broaden markets. As such, we are very pleased to welcome Kent McNall, Sten Karlsen and their team to the CRS family. With Apropos' growing business and strong management team as part of CRS, the future looks bright for the combined company. Equally important, we believe that this transaction underscores Accel-KKR's ongoing commitment to building value for the long-term across all of its portfolio companies."

Effectively immediately, Kent McNall, Apropos' co-founder and president, will serve as the Chief Technology Officer and Executive Vice President for Merchandising at CRS Retail Systems.

About Accel-KKR

Accel-KKR is a technology-focused private equity investment firm founded by venture capital firm Accel Partners and private equity firm Kohlberg Kravis Roberts and Co. Accel-KKR invests primarily in technology companies with between $25 million and $150 million in revenue. Accel-KKR prefers majority ownership positions and investment opportunities in which it can contribute to the creation of long-term shareholder value. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies.

About CRS Retail Systems, Inc.

CRS Retail Systems provides retail management software, hardware, and services to help its customers drive sales, improve customer service, and reduce operating costs, all with more ease and flexibility. With more than 50,000 in-store systems installed in 32 countries and 10 languages, CRS is a trusted leader in the retail industry. CRS customers include leading retailers such as Aeropostale, American Eagle Outfitters, Ann Taylor, Barnes & Noble, bebe, Cache, Chico's, Coach, Dress Barn, Eileen Fisher, Factory Connection, Finish Line, Foot Locker, GNC, J. Crew, Pro Golf Discount, Skechers, St. John Knits, Stage Stores, Transworld Entertainment, Tuesday Morning, Inc., Woodcraft, Yankee Candle Company and Zumiez, among others. CRS is privately held with more than 360 employees based in Newburgh, N.Y. and regional offices in Lynnwood, Washington and Salt Lake City, Utah. For more information, please visit, or call 845-567-1234.
COPYRIGHT 2004 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Oct 5, 2004
Previous Article:Crabtree & Evelyn Selects Mercent to Maximize Online Sales at
Next Article:ePlus Announces Release of Procure+ v6.7; New Release Has Enhanced Capabilities to Increase Productivity for Sourcing and Procurement Processes.

Related Articles
Lessons from some famous retail casualties.
CRS Retail Systems Acquires Found, Inc.
CRS Retail Systems and Apropos Retail Join Forces.
Diedrich Coffee, Inc. Names Savista as Payroll Provider.
Savista Elects Business Process Outsourcing Industry Pioneer and Visionary Tom Sinton to Board of Directors; Founder and Former CEO of ProBusiness...
Accel-KKR to Sell CRS Retail Systems for $121 Million in All-Cash Transaction with Epicor Software Corp.
Accel-KKR and Saber Announce Acquisition of Covansys Corporation's State and Local Government Practice for up to $40 Million; Transaction Creates...
Future of the KKR 'Barbarians': the world's most famous buyout duo has adapted more slowly than their rivals.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters