MUSIC retailer Gear4Music has agreed a deal to acquire the software development team behind its e-commerce platform while it said it is well positioned heading into the Christmas period after posting strong revenues in its half year results. The York-based group, which completed its IPO in June 2015 raising £10.3m, has reached an agreement with its software development partner Venditan to acquire the development team and bring them into the Gear4music fold.
Andrew Wass, chief executive, said: “I am extremely pleased that during the last six months we have combined strong trading with significant strategic progress, as we continue on our journey to be one of Europe’s leading online retailers of musical instruments and equipment.
“To underpin our strong growth and physical geographic expansion, we are pleased to announce that our software development team will be brought in-house and, with further recruitment planned, expanded even faster to ensure we continue to build a market leading e-commerce platform.
“Trading remains strong heading into our important Christmas period and the board considers the group well placed to deliver results for the full year that will be ahead of its previous expectations.”
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