(By Balaseshan) Retalix Ltd. (NASDAQ:RTLX), a provider of integrated software services for retailers, said it has acquired U.S.-based provider of store systems for top tier department stores Cornell Mayo Associates.
Retalix said with this acquisition, the company continues to execute on its strategy and expands into high volume high complexity adjacent retail segments.
Cornell Mayo, which was founded in 1981 and is deployed in nearly 4,000 stores primarily in North America, will become a Retalix business unit and Retalix's center of excellence for the department store retail segment.
Gene Cornell, Cornell Mayo's founder, will continue to lead the business, which will retain its name and continue to provide the same superb level of service Cornell Mayo customers have come to expect.
Retalix said it 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.
"Further, we look forward to opening up new opportunities for Cornell Mayo both in North America and globally. We have said previously that we will support our strategy with targeted acquisitions and we expect to keep doing this as we move forward," said Shuky Sheffer, Chief Executive of Retalix.
RTLX is trading down 1.50% at $20.34 on Wednesday. The stock has been trading between $11.63 and $21.40 for the past 52 weeks.