News

Glory expands global footprint with acquisition of New Zealand's ATS

The purchase of Advanced Transaction Systems will support strategic growth objectives in banking and retail cash-handling segments, Glory says.

November 2, 2015

Glory Global Solutions Ltd., a wholly owned subsidiary of Glory Ltd., has acquired 100 percent of the issued share capital of Advanced Transaction Systems.

According to a press release, ATS is New Zealand's largest provider of cash handling solutions to both the retail and banking industries. Glory said that the ATS acquisition not only complements its position in banking, but also strengthens its foothold in the strategic growth segment of retail thanks to an extensive customer base in that sector.

"Retailers in New Zealand are pioneers in the adoption of cash automation technologies to manage costs and improve the customer experience in their stores," said Glory Global Solutions CEO Paul Adams. The acquisition of ATS will enable us to better service the needs of our combined banking and retail customer base as well as addressing those of other businesses looking to optimize their cash processes."

New Zealand represents an important growth market for Glory Global Solutions, the release said. Cash in circulation in the country has grown more than 2 percent annually since 2010, and cash remains an important payment choice for New Zealanders, according to data from the Reserve Bank of New Zealand.

"The acquisition of ATS ... supports GLORY's strategy of expanding overseas business through providing sales and maintenance services directly to customers," said Glory Ltd. President Hirokazu Onoe. "This is very much in line with our 2017 medium-term business plan and our Long-Range Vision 2018 in focusing more of our management resources on the expansion of our overseas business."