Wesfarmers Limited today announced it has agreed to sell Cm3, its contractor management software business, to Achilles.
Cm3 is a leading provider of software services for contractor management in the Australian market and is part of the Blackwoods Group in Wesfarmers’ Bunnings division.
Blackwoods Group Chief Executive Officer Andrew Bray said the sale of Cm3 positions the business for its next phase of growth and was in the best interests of Wesfarmers shareholders.
“The Cm3 team has delivered outstanding growth in the last few years, and the business has become a significant player in the Australian contractor management market,” Mr Bray said. “As part of the Achilles Group, Cm3 team members will join a global platform with a substantial track record in this sector.”
Achilles is a supply chain risk and performance management company, headquartered in the United Kingdom and owned by Bridgepoint Group.
Wesfarmers expects to record a gain on sale upon completion of the transaction.
The transaction is subject to approval from the Foreign Investment Review Board.
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