Marcum Cronus Partners to Announce Acquisition of Cornell-Mayo by Retalix
BOSTON--(BUSINESS WIRE)--Marcum Cronus Partners LLC (Marcum Cronus) is pleased to announce it acted as the exclusive financial advisor to Cornell-Mayo Associates Inc. (Cornell-Mayo) in its sale to Retalix Ltd. (NasdaqGS: RTLX), a global provider of software and services for high volume, high complexity retailers. Cornell-Mayo, the recognized market leader in providing store systems to top tier department stores and large specialty retailers, will become a Retalix business unit and a worldwide center of excellence at Retalix for the department store and specialty retail segment. Gene Cornell, Cornell-Mayo’s founder, will continue to lead the business, which will retain its name.
"This acquisition is yet another demonstration of Retalix's strong focus on executing its strategy and is an additional milestone towards the realization of our long-term business goals," says Shuky Sheffer, Chief Executive Officer of Retalix. "Retalix will benefit from Cornell-Mayo's deep domain expertise and longstanding relationships with top tier retailers, including such household names as Saks Fifth Avenue, Belk, Stage Stores and Barnes & Noble."
"Cornell-Mayo is likely to immediately benefit from synergies with Retalix," says Gene Cornell, President of Cornell-Mayo. "While we will continue to service our customers and nurture our deep, long-lasting customer relationships, I believe Retalix's complementary, industry leading software and services offerings, financial depth and global reach will open up a world of opportunities for Cornell-Mayo employees and customers alike."
Alan Canzano, Managing Director of Marcum Cronus, added “This acquisition has such compelling rationales – global synergies, market dimension extensions, extraordinary domain expertise, and business philosophy, among others. We at Marcum Cronus are proud to have advised on this transaction. It is an important development in the software vendor community serving large and complex department stores and specialty retailers.”
Founded in 1981, Cornell-Mayo has developed a proven track record as a POS (Point of Sale) software provider, with a 100% success rate in store system implementations. The company's solutions have gained the faith of some of the industry's best-known and most prestigious department store, high service and specialty retailers. Cornell-Mayo's market leadership is well recognized – seven of the top 21 department stores in the U.S. are Cornell-Mayo customers. In the 2011 RIS Software LeaderBoard, Cornell-Mayo ranked #1 in 22 of 25 total categories – more top rankings than any other vendor in the list – for the second year in a row. For more information, visit www.cornell-mayo.com.
Retalix is a leading global provider of innovative software and services for high volume, high complexity retailers, including mass merchants, supermarkets, grocery and convenience stores, fuel stations, drugstores and department stores. Its product and service offerings help customers manage and optimize retail and supply chain operations, differentiate their brand and build consumer loyalty, while providing retailers with the flexibility and scalability to support ongoing business transformation and growth. The company offers software solutions for POS, store, sales channel (including mobile and e-commerce), customer and marketing, merchandising and logistics management. Leveraging a multitude of deployment options, including cloud-based SaaS (Software-as-a-Service) delivery, Retalix serves a large customer base of approximately 70,000 stores, operating in excess of 400,000 checkout lanes, across more than 50 countries worldwide. The company is headquartered in Ra'anana, Israel, with North American headquarters located in Plano, Texas. Retalix stock trades on NASDAQ and the Tel Aviv Stock Exchange. For more information, visit www.retalix.com.
About Marcum Cronus Partners
Advising on mergers, acquisitions, divestitures, sales, and private placement financings, Marcum Cronus Partners is an investment banking firm that provides financial advisory and investment banking services. The clients of the firm are publicly traded or privately owned companies that engage in middle-market transactions domestically or internationally. Winner of the Association for Corporate Growth’s 2012 Boutique Investment Bank of the Year Award, Marcum Cronus is an affiliate of Marcum LLP, one of the largest independent public accounting and advisory services firms in the U.S. (with 23 offices and more than 1,100 professionals). To learn more, please visit www.MarcumCronus.com.
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