Global Fintech Company Givex Completes Acquisition of Counter Solutions
This is the fourth acquisition for Givex in the last 18 months, expanding its product offerings and global footprint
TORONTO, Aug. 15, 2022 /CNW/ - 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."
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.
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.
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.
SOURCE Givex
Lauren Moorman -- [email protected]
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