AdvanceRetail Technology joins 3Q Holdings, forming Australasia’s leading retail software specialist Kiwi software now on fast track to US market
13th March 2007 – Auckland-based AdvanceRetail Technology, New Zealand’s leading point of sale software provider, has signed a conditional agreement to join the 3Q Holdings group (ASX: TQH) which also owns Sydney-based SVI Retail, as well as Applied Retail Systems in San Diego, California. The deal is expected to be completed at the end of March, and will see AdvanceRetail Technology founders Mark McGeachen, Andy Bell and Data Group Ltd become significant shareholders of 3Q Holdings, with Mr McGeachen becoming a director of the board of 3Q.
The combined operations of AdvanceRetail Technology and SVI Retail now form Australasia‘s leading retail software provider with more than 80 personnel in five cities including significant development teams in both Auckland and Sydney.
Mark McGeachen and Andy Bell remain the Chief Executive Officer and Chief Technology Officer respectively of AdvanceRetail Technology, which will continue to trade as a New Zealand company with its head office in Auckland.
According to Mark McGeachen, the merging of the two like-minded companies is great news for the extensive client base on both sides of the Taman. “We have effectively doubled the support staff available to our clients across New Zealand and Australia”, he said. “In addition, we will now draw on a much greater pool of highly talented software developers which will strengthen our market leadership in retail software solutions.”
Mr McGeachen continued, “We were particularly attracted to 3Q Holdings’ involvement in the US retail market and the potential this gives us to sell software licences for our AdvanceRetail solution to the world’s largest retail market. Additionally 3Q Holdings offer several applications which can add considerable value to the core AdvanceRetail offering.”
Commenting on AdvanceRetail Technology, 3Q Holdings Chairman, Shaun Rosen, said “We were impressed by the excellence of their software solutions and the success the company has achieved in New Zealand and Australia, as well as South East Asia and China, which is an important growth area for 3Q Holdings.“
“AdvanceRetail is already the industry leader in New Zealand and in the top five in Australia. By merging two of Australasia’s leading retail systems providers, we have created a combined group which is now the clear market leader in specialty retail solutions. The deal allows us to continue to grow our market share, and truly make our presence felt both regionally and internationally,” said Mr McGeachen.
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