FinTech Givex Completes Acquisition of Counter Solutions

Givex, a FinTech that operates in the payments and customer loyalty space, has completed the purchase 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 especially attracted to Counter Solutions because of a system it provides called WAY2PAY that lets consumers use pre-authorized debit or credit cards to remove items from refrigerated cases and pay for them, according to a Monday (Aug. 15) press 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 client base in Europe, the Middle East and Africa (EMEA), said Jurgen Ketel, head of Givex operations in those regions, per the release. Counter Solutions will now offer customers Givex products.

Counter Solutions was founded in the United Kingdom in 1989. Its U.K. 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 by the Toronto Stock Exchange.

Over 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 comes a week after global cash ecosystem integrator Sesami Cash Management Technologies bought Planfocus, a FinTech offering artificial intelligence (AI)-based cash optimization software.

Read more: Sesami Acquires Planfocus to Expand Cash Optimization Offering

The deal will enable Sesami to deliver an end-to-end, tech-enabled cash ecosystem solution to financial institutions and consumer businesses.

Planfocus’ cash optimization software solutions help reduce logistics spending and cash holding costs, improve availabilities and service levels and drive up process optimization.