K3 Business Technology to sell Sage Business to Pinnacle Computing
K3 Business Technology Group, UK-based software and cloud solutions provider, is divesting the business and assets of its non-core Sage Business to business management solutions provider Pinnacle Computing (Supporting) for £1.68 million.
Pinnacle Computing is said to be one of the largest resellers of Sage software in the UK.
The deal was announced in September 2021 and is expected to close in October.
James Spencer — Managing Director of Pinnacle Computing 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.”
According to K3 Business Technology, the divestiture will allow the company to focus its resources on important higher-margin products and markets. It follows the sale of its other non-core businesses.
The capital from the disposal is expected to improve K3 Business Technology’s balance sheet as well as generate a profit pre-tax of around £1.6 million.
Tom Crawford — Chairman of K3 Business Technology Group said: “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.”