Clearlake Completes Buy of Retail Solution Group; Renames Company Kyrus Solutions

Clearlake Capital Group said on Tuesday that it has completed its acquisition of the Retail Solution Group from Agilysys and renamed the company. It will now be known as Kyrus Solutions. Also, Keith Bradley, an operating advisor at Clearlake, has been named chairman and CEO for Kyrus. Headquartered in Greenville, South Carolina, Kyrus is a provider of technology and managed services solutions for the retail industry.

PRESS RELEASE

Greenville, SC – July 2, 2013 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) today announced that it has completed the acquisition of the Retail Solution Group (“RSG”) of Agilysys, Inc., through a newly-formed company. The new, standalone company is named Kyrus Solutions, Inc. (“Kyrus” or the “Company”). The transaction was first announced on June 3, 2013.
Kyrus is one of the leading technology and managed services solution providers in the retail market worldwide, offering retail point-of-sale, self-service and wireless mobility solutions along with proprietary business consulting, deployment, implementation and maintenance services, operational support, and other managed services. The Company has a 39-year successful track record of positively impacting retailers’ business operations by streamlining operations, improving the customer experience, and increasing loyalty – all while optimizing IT costs.
Keith Bradley, a Clearlake Operating Advisor, will become the Company’s Chairman and CEO. Mr. Bradley brings significant expertise and experience to Kyrus, most recently as the President of Ingram Micro North America. The Company’s headquarters remain in Greenville, South Carolina and the existing management team, led by General Manager and SVP, Paul Civils, remains in place.
“We are excited to partner with Keith and Paul and the rest of the team as we back Kyrus as a platform to lead industry consolidation,” said Behdad Eghbali and Prashant Mehrotra of Clearlake. “With its core capabilities around providing leading technology and managed services solutions, coupled with Clearlake’s operational and financial capabilities, Kyrus is well suited to assist leading retailers as they continue to make investments in technology solutions.”
“Kyrus is a strong platform that is extremely well-positioned for future growth,” said Mr. Bradley. “I look forward to working with Paul and the rest of the management team to drive the Company’s growth strategy of providing our customers with cutting edge solution innovation and industry leading service and support.”
“As an independent company, Kyrus will continue its 39-year tradition of providing customers with exceptional managed service delivery and innovative technology solutions,” added Mr. Civils. “The rest of the management team and I are excited to partner with Keith and Clearlake as they will provide us with the support to build Kyrus as a platform for growth and focus on our customers’ success.”
Along with Mr. Bradley, Mr. Eghbali, Mr. Mehrotra and James Pade of Clearlake will join the Company’s Board of Directors.
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About Kyrus
Kyrus is one of the leading technology and managed services solution providers in the retail market worldwide, offering retail point-of-sale, self-service and wireless mobility solutions along with proprietary business consulting, deployment, implementation and maintenance services, operational support, and other managed services. The Company has a 39-year successful track record of positively impacting retailers’ business operations by streamlining operations, improving the customer experience, and increasing loyalty – all while optimizing IT costs. For more information, please visit www.kyrus.com.
About Clearlake Capital Group
Clearlake Capital Group, L.P. is a private investment firm focused on special situations and private equity investments such as corporate divestitures, recapitalizations, buyouts, reorganizations, turnarounds and other equity investments. Clearlake seeks to partner with world-class management teams by providing patient, long-term capital and operational expertise to invest in dynamic businesses. Clearlake currently manages approximately $1.4 billion of equity capital, and Clearlake’s founding principals have led over 50 investments totaling more than $3 billion of capital in sectors including business services, communication, consumer products/retail, defense/public safety, energy/power, healthcare, industrials, media, and technology. For more information, please visit www.clearlakecapital.com.