Glory Global Solutions set to acquire UK-based retail technology specialist Flooid
Glory Global Solutions (International), a wholly owned subsidiary of Glory, has announced plans to acquire 100% of the issued share capital of Flooid, a specialist in cloud-based unified commerce software to the retail industry, from Inflexion Private Equity Partners.
Headquartered in Coventry, UK with operations in the USA, Flooid has clients across Europe, North America and South Africa including M&S, John Lewis Partnership, Walgreens, Hudson News, Pick’n’Pay and Woolworths.
Akihiro Harada, Chairman and Chief Executive Officer at Glory Global Solutions, says:, “The acquisition of Flooid will be a significant strategic step for Glory.”
“Their core value proposition for retailers around enhancing operational efficiency, reducing cost, delivering a seamless customer experience and having a positive environmental effect are in lock-step with those of Glory’s existing solutions.”
“The addition of Flooid will build not just on our present retail solutions portfolio, it will expand our annuity revenue streams driven by their software as a service business model.”
Motozumi Miwa, President at Glory, says: “The investment to acquire Flooid is another step in the execution of our long-term vision and is directly aligned with the company’s diversification beyond cash and growth strategy.”
“Our global presence and existing relationships with major retailers around the world will help open up new markets for the Flooid solution and power the next phase of growth for both companies.”
Diane Palmquist, CEO at Flooid, comments: “Joining Glory will be an exciting step in our journey to reach more retailers with our unified commerce platform. Becoming part of a large global ecosystem extends the reach of our solutions into new markets and Glory brings us new solutions to offer those retailers.”
The acquisition is subject to the approval of Flooid's shareholders and the conclusion of the share purchase agreement.
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