Retalix acquires Cornell Mayo Associates
Retalix hopes to sell its products to Cornell Mayo customers, such as Saks Fifth Avenue and bookseller Barnes and Noble.
Retalix, controlled by First Israel Mezzanine Investors Fund (FIMI) and a group of former Amdocs Ltd. (NYSE: DOX) executives, provides retail software solutions for managing operations in a range of fields.
New Jersey-based Cornell Mayo Associates has almost 100 employees. Company founder and president Gene Cornell will remain in his role.
Cornell Mayo, a profitable company will begin contributing to Retalix's results beginning in 2013. Retalix plans to leverage the company, which only operates in the US, to Retalix's operations in other countries, and sell Retalix products to Cornell Mayo customers, such as Saks Fifth Avenue Inc. and bookseller Barnes and Noble Inc.
Retalix CEO Shuky Sheffer said, "As we have previously communicated, expansion into adjacent retail segments is a stated Retalix growth engine. We will work hard so that Cornell Mayo's current customers will greatly benefit from this deal."
Published by Globes [online], Israel business news - www.globes-online.com - on September 5, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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