February 27, 2020
Notice of Completion of Acquisition of Cash Payment Solutions GmbH, a German Fintech company
GLORY LTD. (GLORY) hereby announces that all procedures related to the acquisition of 53% of shares in Cash Payment Solutions GmbH (‘CPS’), which was released on October 3, 2019, have now been completed, as follows:
1. Purpose of the 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.
2. 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: January 31, 2020
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.