Global Fintech Company Givex completes acquisition of counter solutions
This is the fourth acquisition for Givex in the past 18 months and expands its product offering and global footprint
TORONTO, 15 August 2022 /PRNewswire/ – Givex Information Technology Group LTD (“Givex”) (TSX: GIVX) (OTCQX: GIVXF) has completed the purchase of all outstanding shares of Counter Solutions Holdings LTD (“Counter Solutions”).
“The acquisition of Counter Solutions marks the fourth acquisition for Givex in the past 18 months, demonstrating 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, based in the UK Counter solutions offers many technology solutions that match Givex’s products, including POS, kiosk and digital ordering, inventory management and more. Givex was attracted to Counter Solutions’ WAY2PAY self-service and smart refrigeration platform, which allows customers to unlock fridges by pre-authorizing 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, such as GivexPOS, online ordering, kitchen display system (KDS) and more, to its list of corporate customers without having to partner with various external partners.
“Counter Solutions is the perfect complement to the Givex product suite and team, expanding our global footprint,” said Jürgen Ketel, CEO of Givex EMEA. “We have made great strides in our growth in the UK and globally Europeand Middle East and this acquisition provides a new opportunity to expand the breadth and depth of our customers under one common platform.”
Counter Solutions counts some of the UK’s biggest brands as clients, including Morrisons, Marks & Spencer, John Lewis & Partners and Waitrose & Partners, and will add approximately 1,000 retail locations to Givex’s global footprint of more than 115,000 retail locations using at least one Givex service. The acquisition will be paid for through a combination of cash, debt and GITL shares (subject to final acceptance by the Toronto Stock Exchange) and the total consideration will be consistent with previous acquisition multiples and terms.
“Our significant progress over the past two years has led to the assessment of how we scale up our business in line with our vision and values,” said Richard Bernans, CEO of Counter Solutions Group. “We have found the right home with Givex and it is a tremendous opportunity to leverage each other’s strengths and accelerate our growth. Givex offers the best elements of a global business such as brand, scale and resources, while retaining the best elements of smaller or new businesses, such as agility and community. We are excited to continue this journey and join forces with Givex.”
About Givex
Givex (TSX: GIVX; OTCQX: GIVXF) is a global fintech company that provides merchants with customer engagement, point of sale and payment solutions, all in a single platform. We are integrated with 1000+ technology partners, creating a complete end-to-end solution that provides powerful customer insights. Our platform is used by some of the world’s biggest brands and includes approximately 115,000+ active locations in more than 100 countries. Learn more at www.givex.com.
About counter solutions
Counter Solutions creates connected digital experiences for the retail and hospitality sectors, helping brands implement self-service technology solutions to improve customer experience and increase productivity. Their WAY2PAY platform consists of self-order, self-checkout, smart refrigeration and menu management technology and is trusted by many leading UK business retailers. Learn more at www.countersolutions.com.
Warning regarding forward-looking statements
This press release contains certain forward-looking statements, including statements about the company’s future plans and intentions, and the closing of the proposed acquisition of Counter Solutions Group. Where possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, ” predict” or “potential” or negative or other variations of these words, or similar words or expressions, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information available to management as of the date hereof.
Forward-looking statements involve considerable risk, uncertainty and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements in this press release are based on what management believes are reasonable assumptions, the company 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 Company undertakes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
SOURCE Givex
