Japan's Toshiba Corporation has agreed to buy IBM's point-of-sale (POS) business in a deal worth $850m. IBM's retail store solutions business had revenues of $1.15bn in 2011 and employs approximately 1,000 workers worldwide.The deal will make Toshiba the world's biggest POS system provider.
"Toshiba Tec enjoys a strong presence in retail store solutions in Asia-Pacific, including Japan, and we are confident that this acquisition will support expansion in North America, Europe and the emerging economies," said Norio Sasaki, Toshiba's president and chief executive.
Analysts said while Toshiba was looking to increase its presence in the retail sector, other factors may have also played a part in its decision, not least a strong Japanese currency. The yen has risen 12% against the US dollar in the past 12 months, giving Japanese firms greater purchasing power.
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