Growth-oriented acquisition expands installation capabilities and provides upsell opportunities to Canada's largest brands
TORONTO, Jan. 26, 2022 /CNW/ - Givex Information Technology Group Ltd. ("Givex") (TSX: GIVX) completed the acquisition of all the shares of 1157487 Ontario Inc., doing business as Kalex Equipment Services ("Kalex"), on Jan. 25, 2022. The acquisition enhances Givex's position as a growth-oriented company, with increased installation and servicing capabilities, and opportunities to upsell its omnichannel platform to the largest brands in the country.
Givex is a Toronto-headquartered global fintech platform with customer engagement solutions that empower merchants with knowledge and knowhow. Its people and technology support a diverse range of hospitality and retail merchants in the Americas, EMEA and ASEAN markets.
"I'm very happy with how quickly Kalex came on board," says Don Gray, CEO of Givex. "Our teams have already started going out on installations together and Kalex representatives are introducing us to their retail client base. We share a dedication to providing excellent service and are extremely excited to get to work for our clients," he added.
Kalex is an IT service and consulting business that specializes in physical and digital retail enablement. It has more than 15,000 client locations across every sector in Canada, including leading brands such as Burger King, Harry Rosen, Hudson's Bay Company, KFC, Laura Secord, Pizza Hut, Pizza Pizza, Rexall Pharmacy Group and Taco Bell. These client locations and brands will be joining Givex's already extensive client base across Canada.
According to Kalex president John Beaton, the synergy of the combined companies is already in play. "Givex and Kalex have started integrating their teams and businesses, with Kalex now installing GivexPOS systems and introducing Givex to its excellent retail and hospitality clients across Canada," he said.
Kalex earned approximately $4.6 million in revenue in 2021, and Givex anticipates that amount to grow in the current and future years.
Givex (TSX: GIVX) is a global fintech company providing merchants with customer engagement, point-of-sale and payment solutions in a single platform. We are integrated with 1000+ technology partners, creating a fully end-to-end solution that delivers powerful customer insights. Our platform is used by some of the world's largest brands, comprising approximately 96,000 locations across more than 100 countries. Learn more at givex.com.
Cautionary Statement Regarding Forward Looking Statements
This press release contains certain forward-looking statements, including statements about the Corporation's future plans and intentions, and statements with respect to anticipated future revenue growth following the completion of the acquisition of Kalex. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, 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 at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation 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 Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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