Global fintech company Givex completes acquisition of Counter Solutions
This is Givex’s fourth acquisition in the past 18 months, expanding its product offering and global footprint
TORONTO, August 15, 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 Givex’s portfolio and allow us to add unattended retail functionality to our current point-of-sale and kiosk offerings.”
Founded in 1989, based in the UK Counter solutions offers many technology solutions that align with Givex products, including point of sale, kiosks 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 refrigerators 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 in-depth team, Counter Solutions can seamlessly offer Givex products, like GivexPOS, online ordering, kitchen display system (KDS) and more, to its list of corporate clients without having to create partnerships with various external partners.
“Counter Solutions is the perfect complement to Givex’s product suite and team, expanding our global footprint,” said Jurgen Ketel, Managing Director of Givex EMEA. “We have made significant progress in our growth in the UK and across the Europeand the Middle East and this acquisition provides another opportunity to expand the breadth and depth of our customers under a common platform.”
Counter Solutions counts some of the UK’s biggest brands among its customers, including Morrisons, Marks & Spencer, john lewis & Partners and Waitrose & Partners, and will add approximately 1,000 outlets to Givex’s global footprint which has more than 115,000 outlets using at least one Givex service. The acquisition will be paid for using a combination of cash, borrowings and shares of GITL (subject to final acceptance by the Toronto Stock Exchange) and the total consideration will be in accordance with the multiples and conditions of previous acquisitions.
“Our significant progress over the past two years has led to reflection on how we develop 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 everyone’s strengths and accelerate our growth. Givex offers the best elements of a global company such as brand, scale and resources, while retaining the best elements of smaller or emerging businesses, such as agility and community. We are excited to move forward on this journey and partner with Givex.”
Givex (TSX: GIVX; OTCQX: GIVXF) is a global financial technology company that provides merchants with customer engagement, point-of-sale and payment solutions, all on one platform. We are integrated with over 1000 technology partners, creating a complete end-to-end solution that delivers powerful customer insights. Our platform is used by some of the biggest global brands, including around 115,000+ active sites in over 100 countries. Learn more about www.givex.com.
About Countertop Solutions
Counter Solutions creates connected digital experiences for the retail and hospitality industries, helping brands implement self-service technology solutions to enhance their customer experience and drive productivity gains. Their WAY2PAY platform includes self-service ordering, self-service payment, smart refrigeration and menu management technology and is trusted by many leading UK business retailers. Learn more about www.countersolutions.com.
Caution 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”, ” believes”, “estimates”, “predicts” or “potential” or the negative form 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 currently available to management as of the date hereof.
Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied by the forward-looking statements. These factors should be carefully considered and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this press release are based on what management believes to be 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.
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