ATTRAQT Group plc has conditionally agreed to acquire Fredhopper, the European onsite search, navigation and merchandising software provider, for £25 million (subject to certain adjustments) in cash to create the global 'go-to' e-commerce visual merchandising company.
Fredhopper serves approximately 130 major international retail clients, while online visual merchandising company ATTRAQT's portfolio includes boohoo.com, Matches Fashion, Moss Bros, Russell and Bromley, Superdry, The North Face and Timberland. As a combined business the new company will have over 250 customers.
The deal, which is subject to shareholder approval, will see a significant expansion of client bases for Fredhopper and ATTRAQT, and will give the combined company a growing presence in the UK, US, continental Europe and Asia Pacific.
Headquartered in Amsterdam, Fredhopper has additional offices in the UK and Bulgaria, with customers in all key European e-commerce regions. ATTRAQT is headquartered in the UK and has a regional office in Chicago. The combined group will use its footprint in the US and Continental Europe to further expand global operations.
"I am delighted to be announcing this transformational deal for the company. The acquisition is a significant step and immediately establishes the new group as the clear global leader in online visual merchandising. As a combined business, we will bring together the very best solutions available in the market to become the go-to company for all visual merchandising needs," said Andre Brown, CEO and Founder of ATTRAQT Group plc. "This transaction has been driven by the growth potential available to the combined business and has been backed by a group of leading UK technology investors who share our vision and ambitious growth plans. In the short term the two businesses will continue to be run relatively independently, to ensure a considered and thoughtful integration."
ATTRAQT and Fredhopper, the directors believe, are currently the only two companies that provide site search, visual merchandising and personalisation in one integrated platform for the retail industry. Each has different strengths within its platform. Fredhopper has long-standing experience in site search, has developed advanced personalisation capabilities and built a cloud delivery platform for global implementations. ATTRAQT provides intuitive administration, AB testing and reporting.
Fredhopper's current owner is global content management and language solutions provider SDL.
"We are pleased that Fredhopper is to be acquired by ATTRAQT Group plc," said Adolfo Hernandez, CEO at SDL. "The combination of both businesses will provide customers with a powerful proposition to solve their complex visual merchandising challenges. We part on excellent terms and wish the team well for their future."
Following the announcement ATTRAQT shares are now suspended until re-admission on to the AIM market, which is expected to take place on 1 March 2017.
AboutFredhopper Fredhopper (http://www.fredhopper.com ) offers powerful on-site search, navigation, personalisation and merchandising, tailored to the specific needs of leading retailers. With unmatched expertise and a passion for retail, Fredhopper helps retailers take control and focus on the customer experience. And the software is fully scalable when retailers are ready to grow.
Fredhopper is the only tool that allows retailers to blend automated, commercially driven business rules with strategic control over every element of search & merchandising. It enables a fully personalised customer journey, from search results to recommendations to product placements. All in an easy-to-use interface aimed at marketing professionals.
AboutATTRAQTGroupPLC ATTRAQT Group PLC launched its merchandising platform, Freestyle Merchandising, in 2009. It provides product recommendations, site search and visual merchandising. The company now has over 120 clients including Vans (NASDAQ: Vans), boohoo.com (LSE: BOO) and Superdry (LSE: SGP). The Group has market presence in Western Europe and North America with offices in London and Chicago. For more information please visit: http://attraqt.com