October 3, 2019
Announcement regarding the Acquisition of Cash Payment Solutions GmbH, a German Fintech company
GLORY LTD. (GLORY) today announces that it has entered into a share purchase agreement ("SPA") on October 2, 2019 to acquire 53% of shares in Cash Payment Solutions GmbH ("CPS"), which develops and provides online cash settlement platforms under the brands "Barzahlen" and "viacash".
1. Purpose of this acquisition
GLORY has been investing actively in a business model to realize the ‘new management system of cash circulation’ in line with our ‘Long-term Vision 2028’.
One of the factors for the global trend towards cashless payments has been high costs of handling cash. On the other hand, cash still remains an important means of payment. GLORY has been providing several solutions for various industries to make their operations more efficient. We believe, by realizing efficient cash circulation across society beyond the border between bank branches and retail shops, we can make the cost of cash handling even lower.
CPS's business model will contribute to realizing GLORY's idea of ‘the establishment of new management system of cash circulation’. We also believe that CPS will add new value to GLORY's traditional business of providing cash handling solutions. For these reasons, GLORY has decided to acquire the shares in CPS.
The completion of this transaction is subject to clearance from the relevant regulatory authorities in accordance with applicable laws and regulations.
2. CPS's business
CPS provides a comprehensive cash settlement platform in Europe centered in Germany through POS registers in retail shops.
This enables users to deposit and withdraw cash and make cash payments for e-commerce and utility bills at nearby supermarkets or drug stores by just showing a barcode which CPS issues to them without the need to visit an ATM or a shop of the service provider. CPS's service can be used across Germany at more than 12,000 places mainly operated by major retailers.
The associated retailor shops can enjoy benefits such as reducing cash collection costs, attracting more shoppers, receiving commissions, etc. The associated banks can provide cash deposit and withdrawal services more cost effectively than via ATMs or bank branches. E-commerce providers can attract consumers who prefer cash settlement.
The CPS management, who set up and have been leading the business with unparalleled abilities and enthusiasm, will continue to manage the company focusing on expanding the business and network in Europe.
3. Outline of CPS
|(1) Company name||Cash Payment Solutions GmbH
(trading under the brand names Barzahlen (in Germany) and
viacash (outside of Germany)
|(2) Headquaters||Berlin, Germany|
|(3) Names and titles of representatives||Sebastian Seifert, Managing Director
Achim Bönsch, Managing Director
Andreas Veller, Managing Director
|(4) Business||Development and provision of online cash settlement platform|
|(5) Date of establishment||August 1, 2011|
(1) Date of signing of SPA: October 2, 2019
(2) Date of completion: To be confirmed (after regulatory clearance, etc.)
About GLORY LTD.
GLORY LTD., headquartered in Himeji, Japan, is a pioneer in the development and manufacture of money handling machines and systems. GLORY provides a variety of products such as money handling machines, cash management systems, vending machines, automatic service equipment, and cash management solutions that are built on its leading-edge recognition/identification and mechatronics technology. Committed to meet society's wide-ranging needs, GLORY serves the financial, retail, vending machine, amusement and gaming industries in over 100 countries around the world. GLORY employs approximately 9,000 people worldwide. For more information about GLORY, please visit GLORY's group website at https://corporate.glory-global.com/.
- GLORY LTD.
- Corporate Communications Dept.
Management Strategy Headquarters
Information in this document is current on the date of the announcement and subject to change without prior notice.