K3 BUSINESS TECHNOLOGY GROUP PLC Sale of Sage Business to Pinnacle
September 20, 2021 | News
K3, which provides mission‐critical software and cloud solutions, is pleased to announce the sale of the business and assets of its non-core Sage Business to Pinnacle Computing (Support) Ltd ("Pinnacle"), one of the UK's largest resellers of Sage software.
Completion is expected in early October 2021, following a TUPE consultation process in respect of the transfer to Pinnacle of Sage Business employees.
The Disposal is in line with the Board's strategy of focusing resources on key higher-margin products and markets and follows the sale of other non-core businesses, as previously announced.
Tom Crawford, Chairman of K3 Business Technology Group plc, commented:
"The sale of our Sage Business is another step forward as we continue to sharpen K3's focus and simplify its operations around its higher-margin core products and strategic markets. Following this transaction and other disposals over the last two years, the Group is more streamlined, market-focused, and strategically better positioned."
James Spencer, Managing Director of Pinnacle said,
"The Sage Business will transition very smoothly into our operations, benefiting from our scale and depth of focus. We are excited for both the team and customers to join Pinnacle to bolster our operations and delivery within the Sage markets"
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as retained and applicable in the UK pursuant to S3 of the European Union (Withdrawal) Act 2018 ("MAR").
K3 Business Technology Group plc
Marco Vergani, Chief Executive Officer
T: 0161 876 4498
Robert Price, Chief Financial Officer
(Nominated adviser and Broker)
Julian Blunt/ James Thompson
Richard Chambers/ Sunila De Silva
T: 020 7220 0500
Katie Tzouliadis/ Dan Mahoney
T: 020 3178 6378