PFM Intelligence Group, the Netherlands headquartered specialist technology and communications company, has announced the acquisition of CoreTech Solutions, the market leading IT infrastructure provider to the UK retail property sector, for an undisclosed sum.
The deal, which establishes the PFM Holding UK Ltd company, will create a significant player in integrated technology systems, focusing on complex consumer data insights to create business critical market intelligence that helps clients navigate the challenges of the retail and infrastructure sector. As client solutions have become more complex, the PFM and CoreTech partnership has grown. PFM is already seen as the most successful footfall system integrator in the UK for many years, with CoreTech playing a major role in this success.
The merger of the two companies into PFM Holding UK Ltd will now allow both parties to share their combined expertise into a singular vision of continuing to provide the best in class innovative services within the industry and strengthen their ability to compete with and outperform the market. Launched in 2008, Redditch based CoreTech Solutions is a best in class and fast growing provider of state-of-the–art technology used by major UK developers, property management companies and advisors in the retail sector. Its technology is deployed in shopping centres, streets, shops, stations and smart cities.
CoreTech Solutions was established during the 2008 recession, and quickly grew to become a market leader, now accounting a large proportion of the UK IP infrastructure market and employing 35 people. Its growing client base includes many leading players from the retail property sector and transport hub sector in the UK, with more than 15 companies contracted including Hammerson Plc & Network Rail.
Founded in 1982, PFM Intelligence Group is one of Europe’s leading technology consultancies, working with clients to optimise their business performance. This includes measuring and counting footfall and visitor flows through their PFM Footfall Intelligence and PFM Counting Intelligence brands. PFM’s acquisition of CoreTech Solutions is a key part of the firm’s international expansion programme and is the first of many acquisitions aimed at positioning PFM towards a top 3 position on European level.
The combined capabilities of both companies will create a UK business partner offering a comprehensive suite of integrated technology solutions and critical data-led customer insight to retail and infrastructure clients, including people counting technology (footfall, dwell time and movement mapping data), network infrastructure, WIFI and CCTV, as well as many other services. Following the acquisition, Managing Director Phil Cox will continue to run the business, alongside Operations Director Matt Hipwood, and Sales Director David Sturdy, with the CoreTech brand operating as a wholly owned division of the PFM Group, focusing on delivering the firms core service areas.
“PFM’s investment into CoreTech is a ringing endorsement of the strength of our business and client services in the UK. It also instantly increases our market share and provides us with a significant operation from which to pursue further growth, offering clients a comprehensive single point solution for all of their technology requirements. “Both CoreTech Solutions and PFM share a similar vision and values, and together we’ll provide a significant proposition for the retail sector, and beyond. The cross pollination of our two organisations will enable us to offer the most comprehensive range of services, delivering additional value and invaluable insights to clients".
Phil Cox, Managing Director, CoreTech Solutions
“The proven partnership with CoreTech was not only successful in the various complex projects, but also how we envision the future for our mutual clients. Both Coretech and PFM management believe in consistent and excellent service from which we can drive innovations in both hard- and software related product offerings".
Bart Schmitz, CEO of the PFM Group