FinTech Givex Wraps Counter Solutions Acquisition
Givex, a FinTech operating in the payment and customer loyalty space, has completed the acquisition of Counter Solutions, a provider of point of sale (POS), ordering and inventory management systems in the retail and hospitality sectors.
Toronto-based Givex was particularly attracted to Counter Solutions because of a system it offers called WAY2PAY that allows consumers to use pre-authorized debit or credit cards to remove items from refrigerated cases and pay for them, according to a press release Monday (Aug. 15). release.
“Counter Solutions’ products complement the Givex portfolio and allow us to add unattended retail functionality to our current POS and kiosk offerings,” Givex CEO Don Gray said in the release.
Counter Solutions customers will help expand Givex’s already growing customer base in Europe, the Middle East and Africa (EMEA), Jurgen Ketel, head of Givex operations in these regions, said in the press release. Counter Solutions will now offer customers Givex products.
Counter Solutions was founded in the UK in 1989. Its UK clients include Morrisons, Marks & Spencer, John Lewis & Partners and Waitrose & Partners, according to the release.
Although the purchase price was not disclosed in the release, Givex is financing the acquisition through cash, debt and Givex shares, pending approval from the Toronto Stock Exchange.
In the past 18 months, Givex has announced other acquisitions, including information technology firm Kalex in January and marketing firm Loyalty Lane in February.
The acquisitions come a week after global cash ecosystem integrator Sesame Cash Management Technologies bought Plan focusa FinTech that offers artificial intelligence (AI)-based cash optimization software.
Read more: Sesami acquires Planfocus to expand its offer of cash optimisation
The agreement will enable Sesami to deliver an end-to-end, technology-enabled cash ecosystem solution to financial institutions and consumer businesses.
Planfocus’ software solutions for cash optimization help to reduce logistics expenses and cash holding costs, improve availability and service level and increase process optimization.
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