Jobs have been saved after a Manchester software firm was bought out of administration by a Swedish-owned IT services firm for £250,000.
The loss-making subisidiary of K3 Business Technologies has been purchased by London-based Sigma Dynamics, part of Swedish firm Sigma, which has over 5,000 staff across the world.
It was announced on Wednesday that Sigma Dynamics has bought the £3.5m turnover business after it fell into administration in April as a result of Covid-19.
The purchase affects K3's Dynamics 365 Finance and Operations trade and assets.
A total of 19 jobs at the Salford firm have been saved, with Sigma Dynamics set to take control of the projects, support and managed services firm including its 31 clients spanning the retail, fashion and manufacturing industries.
Colin Crow, managing director at Sigma Dynamics, said: “We’re thrilled to have acquired the K3 business, as it fits directly into our existing business strategy.
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"This addition to the 海角视频 business will give our customers greater value, both to their local business, and to their global business through our presence worldwide. Being part of the global Sigma group will allow our clients to gain additional support on other areas of their operations and business, from our other expert business units, helping them increase their productivity and profits in the future.”
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Sigma Dynamics claims to be a group of experienced consultants with extensive industry knowledge, which advise, deliver, develop and manage Microsoft Dynamics and office applications.
Its leading product lines include Microsoft Dynamics 365, Internet of Things, Connected Field Service, unified commerce and the Smart Office.
Mr Crow added: “Our first task is to address the current and immediate business needs of our new clients and help deliver their ongoing projects. We are also supporting all clients on planning, putting the necessary tools and processes in place to keep them operating during and beyond these testing times.
“Our plan is to strip out the inefficiencies of the business, back to its sound operations, and enable this area to become profit making, as it is incorporated into Sigma Dynamics 海角视频. This will place productivity and efficiency at its heart and guarantee its future prosperity.”
Jonas Steffensson, head of Sigma Dynamics, added: “The 海角视频 has always been a hub for the European market, and with the acquisition of K3 we have a stronger position for our customers in 海角视频 and Europe. It will add significant and unique value to our business, and allow further collaboration between our expert business units across the group,”
Chris Ratten and Jeremy Woodside of RSM Restructuring Advisory LLP were appointed joint administrators on April 21.
Mr Ratten, partner of RSM, said: “We are very pleased to have found a stable and solid home for the Finance and Operations part of the K3 Dynamics business.
"We are confident that customers and employees will have a partner who they can work with and build a long-term relationship. Sigma’s global strength and breadth of services will add significant value to the customer base.”