RALEIGH, N.C. — Vontier Corp., a manufacturing company and owner of the Gilbarco Veeder-Root brand, is acquiring Invenco, a provider of open-platform retailing and payment hardware and software.
“We are excited to acquire Invenco and expand our software-enabled workflow solutions and subscription business,” said Mark Morelli, president and CEO of Vontier, on a recent earnings call. “Invenco’s disruptive edge computing technology roadmap and modular solutions offer extensibility across other retailing verticals and accelerates our digital strategy, better positioning us to serve our customers’ growing demand for digitally agile software systems.”
Invenco was founded in 2009 as a self-service payment solution provider with a range of products including outdoor payment terminals, electronic payment servers and cloud solutions. As one of the suppliers of retailing and payment solutions to the convenience retail industry worldwide, Invenco’s products enable retailers to solve for dynamic needs and innovate for different energy futures, digital payments and consumer services. Invenco is privately held and employs approximately 300 employees globally, including 130 software engineers.
Invenco’s expected 2022 revenue of $80 million with mid-40% gross margins enhances Vontier’s growth and recurring revenue profile, according to Morelli. The purchase price for the acquisition is $80 million plus additional, contingent consideration based on performance. The companies expect the transaction to close in third-quarter 2022.
The acquisition will be subject to customary closing conditions and will be funded with available liquidity. Upon closing, Invenco will be integrated within Gilbarco Veeder-Root.
Invenco, based in Auckland, New Zealand, is a global provider of secure payment processing and customer engagement products and services.
Vontier, based in Raleigh, N.C., is a global industrial technology company solving new mobility and transportation challenges.
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