LISLE -- Glory Ltd. has acquired Grupo Sortek S.A. de C.V., a provider of cash sorting solutions in Mexico with an excellent reputation for service delivery, the company announced.
Financial terms of the all-stock transaction were not announced.
Acquiring Grupo Sortek opens Glory into the Mexico market, according to Chris T. Reagan, President of Glory's business in the Americas. According to the Central Bank of Mexico, the volume of cash in circulation grew by almost 22 percent between March 2016 and March 2019. With around 90 percent of all consumer transactions completed in cash, banks and retailers across the country are recognizing the opportunities presented by automating their cash operations to reduce costs, increase security and refocus staff on higher value customer facing activities.
"Sortek has been a very successful distribution partner with an excellent track record and we believe the additional synergy and resources that a direct Glory presence offers, coupled with the relationships the existing team has in place, will bring many benefits both to existing and new customers," Reagan said.
Glory is a developer and manufacturer of cash automation technology for the financial, retail, cash center and gaming industries.