General Atlantic takes 33% share

Retail software supplier Torex Retail appears to be turning a corner under its new owner Cerberus as a second private equity firm has bought into the firm.

General Atlantic (GA) has taken a 33 per cent share in the company, bringing additional industry experience to Torex’s management. GA’s investment portfolio contains many other technology firms.

In particular, the new investor will help Torex launch in high-growth Asian markets and strengthen its position in the US and Europe.

Existing UK customers should also take comfort from the news that Torex has signed several deals and the company says it is on course to be cash-flow positive within the 90-day timeframe that Cerberus had set down.

Torex Retail chief operating officer Graeme Cooksley said that customer feedback on the direction the new owners were taking the business in had been positive.

“We have spent a lot of time talking to them. We have to make sure that we meet the promises of the previous owners,” he said.

In addition, Torex will run several customer events in October and November, where more information will be provided on the future development of its applications. A rebranding of the company and relaunch of its web site are also in the pipeline.