This is the fourth acquisition for Givex in
the last 18 months, expanding its product offerings and global
footprint
TORONTO, Aug. 15,
2022 /PRNewswire/ - Givex Information Technology
Group LTD ("Givex") (TSX: GIVX) (OTCQX: GIVXF) 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.
Now, with the support of Givex's end-to-end technology platform
and deep team, Counter Solutions can seamlessly offer Givex
products, like GivexPOS, online ordering, kitchen display system
(KDS) and more, to its roster of enterprise clients without having
to create partnerships with various external partners.
"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.
"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."
About Givex
Givex (TSX: GIVX; OTCQX: GIVXF) is a global fintech company
providing merchants with customer engagement, point of sale and
payment solutions, all in a single platform. We are integrated with
1000+ technology partners, creating a fully end-to-end solution
that delivers powerful customer insights. Our platform is used by
some of the world's largest brands, comprising approximately
115,000+ active locations across more than 100 countries. Learn
more at www.givex.com.
About Counter Solutions
Counter Solutions create connected digital experiences for the
retail & hospitality sectors, helping brands implement
self-service technology solutions to improve their customer
experience & drive productivity gains. Their WAY2PAY platform
comprises of self-order, self-checkout, smart refrigeration &
menu management technology and is trusted by many leading
enterprise retailers within the UK. Learn more at
www.countersolutions.com.
Cautionary Statement Regarding
Forward Looking Statements
This press release contains certain forward-looking statements,
including statements about the Corporation's future plans and
intentions, and the closing of the proposed acquisition of Counter
Solutions Group. Wherever possible, words such as "may", "will",
"should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have
been used to identify these forward- looking statements. These
statements reflect management's current beliefs and are based on
information currently available to management as at the date
hereof.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
the Corporation cannot assure readers that actual results will be
consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press
release, and the Corporation assumes no obligation to update or
revise them to reflect new events or circumstances, except as
required by law.
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SOURCE Givex