The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Privately held GERS Retail Systems has been acquired by Symphony Technology Group, an enterprise software investment firm offering a blend of technology, venture funding, partnering, marketing, and corporate finance expertise.
Privately held GERS Retail Systems has been acquired by Symphony Technology Group, an enterprise software investment firm offering a blend of technology, venture funding, partnering, marketing, and corporate finance expertise. The transaction is expected to close within two weeks.
Symphony Technology Group has an almost exclusive focus on enterprise software and services. Its criteria for investing in companies include strong customer franchises in their core markets and excellent potential for growth acceleration.
"We are very excited to add GERS as a portfolio company and strategic partner," said Romesh Wadhwani, founder and managing partner of Symphony Technology Group. "GERS has continued to execute to win, deploy, and satisfy new customers in a difficult market-–and has demonstrated impressive momentum in broadening their customer base out to general retail, including major wins at Nextel, Blue Nile, and Hot Topic. Together we believe we can increase the pace of innovation for customers, and continue our recent history of profitable growth."
Symphony’s other companies include Trigo Technologies, an online channel management software platform for the enterprise; IMI, which provides supply chain services to retail; Counterpane, which manages security monitoring; and Agilisys, which provides supply chain systems to food, beverage, CPG and other industries.
30-year-old GERS has 300 installations worldwide. It provides mission-critical transaction management applications for multi-channel retailing, and provides integrated corporate office applications for merchandise replenishment and allocation, distribution center management, and financial control.