Glory Global Solutions (Holdings) Limited, a wholly owned subsidiary of GLORY Ltd. [TYO:6457], has acquired 100% of the issued share capital of In-Tech LLC, a leading supplier of cash management technologies to the Russian banking and retail sectors, from ITG (INLINE Technologies Group).
“The acquisition of In-Tech, supports GLORY’s strategy of expanding overseas business through providing sales and maintenance services directly to customers. This is very much in line with our “2017 Medium Term Business Plan”
Russia is an important growth market for Glory Global Solutions. Between 2010 and 2014 cash in circulation, grew by more than 41%.1 While usage of cards, and more recently mobile payments, is rising year on year, cash remains an important payment choice for Russians. Businesses across the country are recognizing the opportunities presented by automating their cash operations to reduce costs and refocus staff on higher value customer facing activities.
Speaking about the acquisition, Akihiro Harada, Chairman and CEO of Glory Global Solutions said, “We are delighted to be making this investment. Russia is one of the largest markets in the world for cash management solutions in banking and retail. The acquisition of In-Tech will enable us to better service the needs of our existing customer base as well as helping other businesses who see the value of optimising their cash processes. I am looking forward to working with our new colleagues in Russia and supporting them in their continued successes.”
President Onoe of GLORY Ltd said: “The acquisition of In-Tech, supports GLORY’s strategy of expanding overseas business through providing sales and maintenance services directly to customers. This is very much in line with our “2017 Medium Term Business Plan” and our “Long-Range Vision 2018”, in focussing more of our management resources on the expansion of our overseas business”
Alex Chernyshov, Glory’s President Eastern Europe, Middle East and Africa commented, “This is a great opportunity for our customers and we are delighted to welcome Intech into the Glory family. Glory is the world leader in cash management solutions and the acquisition means that our customers in Russia will be supported directly by Glory through the talented local In-Tech team, who have established successful business with banking customers nationwide. Glory’s investment into direct operations demonstrates the strategic importance of the Russian market to our company and direct engagement with the customers will ensure long term technology development to respond to the specific evolving banking and retail customer needs.”
Oleg Shkinev, Vice President of ITG Holding comments: “Having worked hard on this transaction we are happy that the deal has been successfully closed. We are planning to invest the proceeds from this transaction into expansion of a services business model, i.e. outsourcing of acquiring terminal networks for the banking sector in Russia and CIS which has been developed over the past two years as well as sale of “plug and play” acquiring solutions and related value added services to retail companies launched in April 2016. Additional liquidity will let us diversify the range of our core customer services, its promotion and marketing”.