Retail tech and software group PCMS has been acquired in a management buyout backed by Inflexion Private Equity.

The Coventry-based firm provides point-of-sale (POS) software for major retailers including the likes of Walgreens, John Lewis and Arcadia Group.

The business has over 450 employees in the UK, US and Singapore with over 140 blue-chip customers in 55 countries.

The management team, led by chief executive Tony Houldsworth, said they were attracted to Inflexion’s track record in supporting international expansion.

The investment will also support a smooth succession plan, backing PCMS’ existing management team to take leadership from the exiting founder.

Houldsworth said: "We are proud of the business PCMS is today. Its stellar profit growth reflects a global retailers’ demand for innovative POS software and customer service excellence.

"Inflexion is a natural partner for PCMS; with their advanced in-house digital expertise and global reach, we look forward to working in partnership to accelerate our next phase of growth."

Simon Turner, managing partner at Inflexion, added: "PCMS prides itself on progressive digital innovation. The business joins our suite of TMT portfolio companies with global operations such as Mobica and Group IMD.

"Inflexion has created brilliant momentum this year; just last week we acquired ATCORE Technology Group and we have invested in 10 businesses this year alone. We are delighted to welcome PCMS."

The Inflexion deal team comprised of Richard Swann and Ed Fraser, both of whom will join the group's board. Inflexion was advised on the transaction by PwC.