Softline has completed the acquisition of Subtotal, a developer of retail automation solutions. This was reported to RB.RU by Softline’s press service. The buyer was Your Payment Conductor (VPP) Group, which creates acquiring solutions for banks, retail and the public sector.
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The aim of the transaction is to purchase an asset that will significantly strengthen the company’s position in the fintech market. “The agreement with Subtotal allows us to offer our clients a comprehensive payment and cash solution, in which all services are under a single management. Thus, the purchase of a cash register will cover all the needs of medium and small businesses,” said WPP co-founder Alexander Shpet.
According to him, thanks to the agreement the company will be able to offer not only software for non-cash payments, but also software in a related area – cash registers. The Subtotal product is completely Russian, takes into account all the nuances of legislation, is sold on a subscription basis and has a “flexible tariff list,” Shpet added.
The joint decision of VPP and Subtotal will allow the company to offer a product that will be able to occupy a significant market share in the next 3-5 years, said Vladimir Filipev, CEO of Subtotal. “Currently, there are about 2 million small retail companies in Russia, while more than 70% of individual entrepreneurs and LLCs conduct business in a “notebook”. If at least a quarter of these companies start implementing cash register systems in the next few years, this market will grow to 17.5 billion rubles,” he estimated.
In early September, Devlonika (also part of Softline) acquired control of Test IT LLC, a Russian developer of the Test IT software development testing and quality management system.
A few days earlier, Softline sold 30,020,400 shares, or 9.27% of the authorized capital, to a large institutional investor. The buyer was an integrated group of scientific and technological engineering companies, a provider of solutions for strategic megaprojects in Russia. The name of the group was not specified.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
