K3 Business Technology Group has hired a new CEO.
Marco Vergani has replaced Adalsteinn Valdimarsson who left K3 after five years with the firm following the sale of its managed services business to Node4 earlier this year.
K3 chairman Tom Crawford said Vergani will lead a re-evaluation of its own software offering for the retail space.
“Marco will be leading a re-evaluation of our target markets for K3|imagine, which continues to offer exciting growth potential. We have a strong product offering and look forward to a return to more normal trading conditions as the coronavirus vaccine programme continues and lockdown restrictions are eased”, he said.
Last year, the solutions provider saw revenues fall by 2.5 percent to £48.8 million for the 12 months ending 30 November 2020, while adjusted EBITDA fell 44 per cent to £4 million. Losses before tax from continuing operations came in at £20.9 million compared with £700,000 in 2019.
During that time the outfit put its loss-making UK Microsoft Dynamics business into administration last April. The business unit logged an operating loss of more than £3 million on a turnover of £21 million for its fiscal 2019 and was expected to make further losses in 2020.
The business then went on to sell its managed services unit, Starcom Technologies, this February to private equity-backed firm Node4 for £14.7 million.
The unit generated revenues of £10.2m and logged a pre-tax profit of £1.2 million while revenues for K3’s own IP products K3|fasion and K3|imagine also fell during the year – by 10 percent to £16.1 million.
