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).
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 optimizing 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 focusing 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.”
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1 Source: Bank for International Settlements - Statistics on payment, clearing and settlement systems in the CPMI countries (December 2015)
About Glory Global Solutions
Glory Global Solutions is a global leader in secure cash management solutions. Operating across the financial, retail, cash center and gaming industries, businesses in more than 100 countries rely on our solutions to enhance staff efficiency, reduce operating costs and enable a better customer experience.
Headquartered in the UK, Glory Global Solutions is a wholly owned subsidiary of GLORY Ltd. Employing over 3,000 professionals worldwide with dedicated R&D and manufacturing facilities across Europe, Asia and North America, Glory Global Solutions is GLORY’s international sales and service organization. Built on a rich customer-focused, technology-driven heritage spanning almost a hundred years, GLORY is a pioneer in the development and manufacture of cash management, vending and automatic service equipment.
For further information please visit www.gloryglobalsolutions.com or follow us on Twitter: http://twitter.com/glory_global.
About ITG (INLINE Technologies Group)
ITG is a diversified IT holding focused on providing information technology solutions and services to the banking sector, retail, industry and government agencies. ITG is headquartered in Moscow, Russian Federation. ITG is engaged in the following business segments: general IT system integration, telecommunication network integration and upgrade, IT consulting and ERP implementation, interactive TV solutions, datacenter services, acquiring solutions and banking card manufacturing. ITG is one of the major Russian IT-holdings, ranked TOP-5 at the Russian IT market for the several recent years. http://itgrp.ru/
Glory Global Solutions
Director of Global Marketing Operations
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