US based technology company NCR has agreed to acquire Retalix, an Israel-based provider of retail software and services, for about $650m.
Retalix’s software and services are implemented in more than 70,000 retail locations with over 400,000 customer touch points in more than 50 countries.
As per the deal, Retalix will merge with a subsidiary of NCR, and Retalix shareholders will receive $30 in cash per the company’s share.
NCR said that it expects to use Retalix’s software to speed up the development of its enterprise software platform to create new software modules for the retail industry as well as for the financial, travel and hospitality industries.
NCR Chairman and CEO Bill Nuti said that the combination of two companies will drive significant value for both shareholders and customers.
"Retalix’s market-leading software and services capabilities will enhance NCR’s retail solutions, creating a world-class portfolio of offerings," Nuti said.
The transaction is expected to be completed in the first quarter of next year and needs approval from Retalix shareholders and a regulatory.
NCR has entered into voting agreements with Alpha Group and Ronex, who own 38% stake in Retalix.
J.P. Morgan and Jefferies & Co advised NCR and Retalix on the transaction.
Last year, NCR had acquired Radiant, a provider of technology to the hospitality and retail industries, for $1.2bn.