Givex Information Technology Group LTD (Givex), a global fintech company providing merchants with customer engagement, point of sale and payment solutions, has completed the purchase of all of the outstanding shares of Counter Solutions Holdings LTD (Counter Solutions).
“The acquisition of Counter Solutions marks the fourth acquisition for Givex in the last 18 months, which showcases our commitment to strategic international growth,” said Don Gray, CEO of Givex. “Counter Solutions’ products complement the Givex portfolio and allow us to add unattended retail functionality to our current POS and kiosk offerings.”
Founded in 1989, UK-based Counter Solutions offers many technology solutions that align with Givex’s products, including POS, kiosk and digital ordering, inventory management and more. Givex was attracted to Counter Solutions’ WAY2PAY self-service & smart-refrigeration platform, which allows customers to unlock refrigerators by preauthorizing a debit or credit card on a pin pad, and select, scan and pay for their items themselves.
“Counter Solutions is the perfect complement to the Givex product suite and team, which expands our global footprint,” said Jurgen Ketel, Managing Director of Givex EMEA. “We have made major headway in our growth in the UK and throughout Europe, and the Middle East and this acquisition offers another opportunity to expand the breadth and depth of our clients under one common platform.”
Counter Solutions counts some of the biggest brands in the UK as clients, including Morrisons, Marks & Spencer, John Lewis & Partners and Waitrose & Partners, and will add approximately 1,000 merchant locations to Givex’s global footprint of more than 115,000 merchant locations using at least one Givex service. The acquisition will be paid for through a combination of cash, debt and GITL shares (subject to the final acceptance by the Toronto Stock Exchange) and total consideration will be consistent with prior acquisition multiples and terms, the statement said.
“Our significant progress over the last two years has led to the consideration of how we scale up our operations in line with our vision and values,” said Richard Bernans, Managing Director of Counter Solutions Group. “We have found the right home with Givex, and there is a huge opportunity to leverage each other’s strengths and fast-track our growth. Givex offers the best elements of a global enterprise such as brand, scale and resources, whilst retaining the best elements of smaller or emerging enterprises, such as agility and community. We are excited to progress this journey and join forces with Givex.”
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