Mysore, July 16: SPI (spi.com) has acquired ITR Software, a New Jersey-based software and services organisation that is dedicated to providing merchandising solutions to the retail industry. ITR has a suite of products that offers the "best of class" in retail decision support solutions.
SPI is positioned as 'The Right Retail Partner' with an umbrella of services catering to the Retail domain; therefore the acquisition of ITR Software, a company that serves the same segment, is of strategic importance to the company.
Besides focusing on building IT Products and Retail Solutions, SPI is also growing inorganically by adding to its existing portfolio of products and services through acquisitions and mergers.
"Currently, only 5% of our revenue comes from Product and Solutions business. We plan to make it to 20% by 2015. This latest acquisition is part of the company's 2015 strategy to cater to the evolving needs of retailers worldwide and to position SPI as a differentiator and as an end-to-end retail services and solutions provider," said Sid Mookerji, Global CEO and co-founder.
ITR Software currently has a set of business intelligence tools that assist in the retailer buying process. The company applies state-of-the-art technology to help relieve planners, buyers, allocators and buying office staff from tedious and frustrating traditional approaches.
Their SPIN Analytics, Forecasting, Pre-season Assortment Planning, Purchasing, Allocation and In-Season Merchandise Optimisation facilities provide the retailer's staff with an effective merchandise performance tool.
ITR Software is SPI's fifth acquisition. The earlier acquisitions are: Comat Technologies Mysore, a Transcription firm acquired in 2007; CRG Australia , an audit recovery firm acquired in 2010; WorldLink Technologies Nepal, a software solutions provider with extensive experience in consulting, development and implementation of enterprise applications across government, banking and financial services and other industries acquired in 2011; and Circle Technologies Inc. Atlanta, a staffing company based out of Atlanta acquired in October last year.