Clearwater International advises GLORY on the acquisition of Cash Payment Solutions
Clearwater International has advised GLORY LTD (GLORY), on the acquisition of the majority of issued shares in Cash Payment Solutions GmbH (CPS), a German Fintech company that develops and provides online cash settlement platforms under the brands “Barzahlen” and “viacash”.
The completion of the transaction is subject to clearance from the relevant regulatory authorities.
GLORY, with headquarters in Himeji, Japan, is a pioneer in the development and manufacturing of cash handling machines and systems. Founded in 1918, GLORY is listed on the Tokyo Stock Exchange. The company provides a variety of products built on its leading-edge recognition and mechatronics technology, such as cash handling machines, cash management systems, vending machines and automatic service equipment. GLORY serves the financial, retail, vending machine, amusement and gaming industries in more than 100 countries.
Founded in 2011, CPS is one of the largest private cash-payment infrastructures in Europe. The company has partnerships with retail chains such as REWE, BILLA, PAM, Penny, SBB, real, dm and Rossmann, and provides customers in around 16,000 outlets the opportunity to fulfil basic banking needs, such as paying bills, withdrawing and depositing funds. This benefits stores by reducing cash collection costs, attracting more shoppers and earning commission on transactions, whilst also providing partner banks with a more cost effective alternative to ATMs and bank branches for small transactions. In addition, e-commerce providers are also able to reach consumers who prefer cash settlement, by allowing them to place orders online and pay in cash at their local retail partner branch. Following the sale, the CPS management team will continue to manage the company and focus on expanding the business and network in Europe.
The acquisition of CPS will contribute to the realisation of GLORY’s vision, which is to “establish a new management system for cash circulation”, by helping to make cash transactions more efficient and reducing the cost of cash handling for bank branches and retail stores. CPS will also add value to GLORY’s traditional business by sharing their expertise in cash handling solutions.