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Toshiba to acquire IBM's point-of-sale unit in $850m deal

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Toshiba is to acquire IBM's point-of-sale (POS) business in a deal worth $850 million (£534m).

The move will see the Japanese electronics giant become the largest POS system provider in the world as it seeks to expand its presence in the sector, BBC News reports.

Retailers use POS systems for purposes such as managing transactions and processing customer data. IBM's retail store solutions unit employs around 1,000 workers worldwide, and recorded revenue of $1.15 billion last year.

"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.

"I also expect this significant step to support innovation and the creation of new business opportunities for Toshiba Group."

The current strength of the Japanese Yen, which has risen 12% against the US dollar in the last 12 months, has been cited as a contributory factor behind the acquisition.

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