Retail Pro International, LLC Acquires Assets of Retail Pro, Inc.
FOLSOM, Calif. (July 15, 2009) Retail Pro International, LLC announced today that it has acquired the assets of Retail Pro, Inc. (on June 25th, 2009.) Retail Pro® is a leading software solution for specialty retailers, represented by a global channel partner network whose 90 local offices span 47 countries. With over 8,000 customers operating more than 35,000 retail stores in 63 countries worldwide, Retail Pro’s market position is unrivaled by any of its competitors. Effective immediately, the new corporate headquarters address is:
Retail Pro International, LLC
400 Plaza Drive, Suite 200
Folsom, California USA 95630
Kerry Lemos, chief executive officer added, “We are very pleased with this acquisition. The financial backing and confidence of our investors provides us with a solid foundation as we acquire the tremendous assets of the Retail Pro® brand and many of the key employees from Retail Pro, Inc. We will focus on product development of the acquired assets and customer satisfaction throughout the transition process with an emphasis on research and development. New senior management has been hired. We will continue with what prior ownership was implementing regarding the delivery of key product enhancements that were announced at the global customer conference last fall. For example, updates to both of our most popular platforms – Retail Pro version 8 and Retail Pro version 9 are complete. These new releases provide PCI compliance and other important features desired by today’s retailers.” “As an investor in Retail Pro International, we appreciate the continued support from Retail Pro’s customers and channel partners, and look forward to a successful and profitable relationship as Retail Pro International builds the Retail Pro brand on a global basis,” added Patrick Regan, Senior Managing Director of Laurus Capital Management/Valens Capital Management, investment manager to Calliope Capital Corporation and Valens Offshore SPV II, Corp., respectively.
About Retail Pro International, LLC
Retail Pro International, LLC, is a global leader in Point of Sale, Store Operations, and Back- Office software applications for the specialty retail industry. It is a wholly-owned company of Valens Offshore SPV II, Corp., managed by Valens Capital Management LLC; Calliope Capital Corporation, a wholly-owned subsidiary of Laurus Master Fund, Ltd. (In Liquidation) and managed by Laurus Capital Management, LLC; and Midsummer Investments, Ltd., managed by Midsummer Management LLC. With 90 offices across 47 countries, Retail Pro’s network of affiliates provides local support and service for its worldwide customer base in the customer’s local language and time-zone. Retail Pro International, LLC hopes to build on the over 20 years that the legacy Retail Pro® solution has helped retailers achieve their full potential by using its feature rich, scalable, and reliable retail store management system. More than 35,000 retail stores in 63 countries using 18 different languages trust Retail Pro® to manage their operations; from single stores to prestigious, multi-national retailers, Retail Pro is the proven global solution for serious retailers worldwide. For more information, please visit www.retailpro.com.
About Laurus Capital Management/Valens Capital Management Laurus Capital Management/Valens Capital Management are each New York City-based investment advisory firms which manage a family of hedge funds which are focused on making investments in primarily micro-cap public and private companies seeking growth capital. Valens Capital Management/Laurus Capital Management collectively have approximately $1.5 billion in assets under management as of September 30, 2008, and is led by co-founders and fund managers Eugene Grin and David Grin. More information on can be found at www.valensfunds.com