London-based venture capital firm Eurovestech has sold KSS Retail, a provider of price modelling services, to marketing company Dunnhumby for £12.9 million in cash. 

London-based venture capital firm Eurovestech has sold KSS Retail, a provider of price modelling services, to marketing company Dunnhumby for £12.9 million in cash.

KSS Retail was acquired by Eurovestech in June 2003 for £1 million. At the time of the acquisition, KSS Retail was loss-making, but the company’s financial results for June 2009 show that the business generated pre-tax profits of £1.6 million.

Richard Bernstein, Eurovestech’s chief executive, said: ‘I believe this is an excellent outcome and return on investment for Eurovestech. Over the last six years, KSS Retail has been transformed to become a leading provider of price optimisation solutions.’

Eurovestech reported group revenue of £14.5 million and pre-tax profits of £1.9 million in the 15 months to June.