Found has been found.
New York-based CRS Retail Systems Inc., a maker of retail software for point-of-sale, store operations and retail analytics, announced Wednesday it has acquired Salt Lake-based Found Inc.
Steve Young, former NFL quarterback and Found's chairman, will join the CRS board of directors.
Financial terms were not disclosed. CRS said Found's employees in Salt Lake City will continue working for CRS.
"This is an exciting time for CRS," said Kathy Frommer, chief executive officer of CRS. "By acquiring Found, we are supercharging our long-standing commitment to premium service by incorporating new technologies to address the challenges faced by our customers."
Found has developed software that helps retailers eliminate lost sales due to stockouts and obtain incremental sales by linking stores, e-commerce Web sites, catalogs and other sales channels in real time. Its ICaM application, standing for Integrated Clicks and Mortar, allows a retailer's entire inventory to be available for sale from any store or warehouse location.
CRS and Found previously worked as business partners on joint ventures.
"Joining CRS is the culmination of a great ongoing partnership," said Glen Mella, president and chief executive officer of Found. "As we collaborated with CRS, it became clear that there was tremendous synergy between our two organizations and between our products."
"This is an important step in our ongoing vision of providing technology that helps retailers to improve their multichannel operations," Young said.
CRS also said that in conjunction with the acquisition it has received growth equity investment from California-based Accel-KKR, Found's lead investor. The amount of the investment was not disclosed. Two Accel-KKR representatives have joined the CRS board of directors.