Adds to Givex's capabilities of expanding installations across Canada
TORONTO, Jan. 21, 2022 /PRNewswire/ - Givex Information Technology Group Limited. ("Givex") (TSX: GIVX) has signed a definitive agreement to acquire of all of the shares of 1157487 Ontario Inc. (doing business as Kalex Equipment Services) ("Kalex").
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.
"The acquisition of Kalex not only enhances our ability to install and service point-of-sale systems across Canada; it also provides opportunities to upsell our omnichannel platform to some of the largest brands in the country," said Givex CEO Don Gray.
Kalex, also based in Toronto, is an IT service and consulting business that specializes in physical and digital retail enablement and has delivered over 600,000 point-of-sale lanes across North America since 1980. With 115 technicians across Canada and resources across the US, Kalex is experienced in delivering technology services to retail and hospitality clients.
"The acquisition by Givex allows Kalex to leverage its existing expertise to expand both the Givex and Kalex client base and broaden product delivery capabilities with Givex's Engagement and Payment services," said Kalex president John Beaton. "This is an outstanding opportunity for all Kalex stakeholders".
Givex is acquiring Kalex for total consideration of up to $2.5 million, $500,000 of which, subject to the approval of the Toronto Stock Exchange, is payable in common shares of Givex based on the five-day volume weighted average price of the Givex shares prior to the closing of the transaction, expected to take place the week of January 24, 2022, upon satisfaction of certain closing conditions set forth in the definitive agreement.
Givex (TSX: GIVX) is a global fintech company providing merchants with customer engagement, point of sale and payment solutions, all 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 the closing of the proposed 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.