News

Glory expands Russian footprint with In-Tech acquisition

July 15, 2016

Glory Global Solutions Ltd., a subsidiary of Glory Holdings Ltd., has acquired 100 percent of the issued share capital of In-Tech LLC, a supplier of cash management technologies to the Russian banking and retail sectors, from Inline Technologies Group.

In a press release, Glory Global Solutions said it considers Russia an important growth market.

Between 2010 and 2014, cash in circulation in the country grew by more than 41 percent. And while the use of cards and mobile payments is growing, cash remains an important payment instrument for Russians, according to the release.

"Russia is one of the largest markets in the world for cash management solutions in banking and retail," Glory Global Solutions Chairman and CEO Akihiro Harada said. "The acquisition of In-Tech will enable us to better service the needs of our existing customer base, as well as helping other businesses who see the value of optimizing their cash processes. I am looking forward to working with our new colleagues in Russia and supporting them in their continued successes."