Manchester-based order management systems software developer Maginus has been acquired by Finnish developer Digital Goodie.
Maginus specialises in software for mid-market retailers and distributors and customers include Joe Browns, Smeg and International Decorative Surfaces (IDS).
Simon Weeks, CEO of Maginus, said: “Our proven order management system platform and our e-commerce integration capabilities for the retail industry are a perfect fit with Digital Goodie’s cloud-based digital commerce platform for the grocery retailers.”
Digital Goode cited research by BDS Analysis, which states that cloud deployment is expected to have the largest share of the multichannel order management market which is forecasting a compound annual growth rate (CAGR) of 10.8% to 2023.
Moris Chemtov, chief executive of Digital Goodie said: “This acquisition is an exciting strategic decision for both companies as we have such strong synergies both on the product side and in market presence.
“Our combined company will have a full e-commerce platform capable of handling the complete assortments portfolio of retailers. With this enhanced scale and expanded product suite we will be in a position to capture a greater share of the retail market, and become a significant player for the industry,” Chemtov said.
“In fact, combined, we will be the only company in the field equipped to serve Enterprise and SMB size customers both in the Grocery and General retail segments.”
Digital Goodie is backed by private equity firm Black Dragon Capital, which specialises in software as a service companies. It said the plan was to expand its grocery and general retail products presence throughout Europe before targeting global customers.
Black Dragon Capital founder and MD Louis Hernandez Jr said: “The combined Maginus and Digital Goodie company will have a one-of-a-kind cloud-based platform to handle the complete product portfolio of retailers. The enhanced scale and expanded product suite will position the company to capture a greater share of the vast Order Management System market, which is projected to grow at an average rate of 11% a year through 2023.”
