Adds 2000 more clients, 11 million more registered consumers and expands technology platform to the grocery, convenience store and gas station industry verticals
TORONTO, Feb. 18, 2022 /PRNewswire/ - Givex Information Technology Group Limited. ("Givex") (TSX: GIVX) has completed the purchase of all of the outstanding shares of Loyalty Lane, Inc. ("Loyalty Lane").
Loyalty Lane www.loyaltylane.com is a 15-year-old marketing technology company providing a robust customer relationship management ("CRM") solution to independent grocers throughout the United States. Loyalty Lane serves over 2,000 grocers representing 14,000 check out lanes and fuel pumps, in addition to over 6 million registered consumers that can redeem both digital and traditional rewards and discounts in-store or online. Loyalty Lane provides Givex with a unique opportunity to expand its platform services into the grocery, convenience store, fuel pump and consumer channels in the USA and Canada.
Electronic Scrip Incorporated ("ESI") www.electronicscrip.com , a subsidiary of Loyalty Lane, focuses on charitable giving with over 53,000 charities. These are supported by 5 million registered consumers who can direct their donations through a participating merchant to a specific school or charity. Since its founding, ESI has raised over $450 million for charities. Givex will be upgrading and adding to this service to more effectively support this viable asset.
Media Solutions Company ("MSC") www.mediasolutionsco.com, also a subsidiary of Loyalty Lane, has a 12-year history of specializing in templated offer websites, mobile apps, email and texting services as well as microsites and digital signage for small to medium grocers and convenience stores. MSC template technology gives Loyalty Lane and other merchants the ability to deliver offers on websites, phones and other digital media to Loyalty Lane registered consumers at a competitive price. MSC was a partner to Loyalty Lane for many years and was acquired to bring this functionality in-house.
Loyalty Lane and its subsidiaries ended 2021 with annualized, unaudited revenue of over US$4.5 million.
"The acquisition of Loyalty Lane will increase overall merchant locations, revenue and EBITDA but more importantly provide a CRM solution for grocery that Givex does not have today. Givex is also excited to offer additional services to the 11 million plus consumers Loyalty Lane currently serves," said Don Gray, CEO of Givex.
"Loyalty Lane and Givex already have common clients and there is a tremendous opportunity for both companies to combine technologies, support services and development that will enable all services to eventually operate on one common platform," said Bill Gray, President of Loyalty Lane.
About Givex
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.
About Loyalty Lane
Loyalty Lane is an on-line transaction processing and CRM marketing services firm for the retail industry. The company's SaaS-based solution helps retailers enhance customer loyalty by instantly capturing all POS data and giving shoppers instantaneous "rewards" for points or other promotions while they are still in the checkout lane. Loyalty Lane also provides marketing services that analyzes retailers' data and recommends targeted promotions to retain and grow existing customer sales and to acquire new customers. This combination of technology and services provides independent and regional retailers with powerful marketing programs that enable them to compete with their larger competition. To learn more please visit www.loyaltylane.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 Loyalty Lane. 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.
SOURCE Givex
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