SAP buys Retek for £275m

SAP is to acquire US-based Retek, a provider of software solutions and services to the retail industry, for £275m.

SAP is to acquire US-based Retek, a provider of software solutions and services to the retail industry, for £275m.

Headquartered in Minneapolis, Retek provides a suite of retail applications to more than 200 customers in more than 20 countries around the world.

With 2004 annual revenue of £97m and around 525 employees, Retek also has offices in Atlanta, London and Melbourne.

SAP said the retail industry is entering a new era for technology as retailers consider IT as a way to drive business growth.

SAP said the combination of Retek’s product range; industry expertise and market presence will allow it to respond to retailers’ needs.

In response to the acquisition, Goldman Sachs Global Investment Research, said: "Management has provided few details on the product integration roadmap, but SAP is likely to maintain many of Retek's 525 employees to preserve expertise and relationships.

"SAP has tended to build rather than buy new software components for its suite. However industry expertise can take years to build and Retek helps SAP rapidly expand its time to market in the retail industry, which is one of the fastest growing and least penetrated by the packaged software vendors."

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