This acquisition will significantly expand Nayax’s global reach in attended retail and enhance its distribution network by tripling the number of POS lanes to 150,000, the companies said in a Monday (Oct. 30) press release.
Nayax will gain access to over 9,000 retailers in more than 100 countries through the acquisition, according to the release. Additionally, Nayax will enter an extensive partner ecosystem of over 80 distributors.
Both Nayax and Retail Pro have received unanimous approval from their respective governing bodies for the transaction, the release said. The transaction, valued at $36.5 million on a cash-free debt-free basis, will be paid partially in cash and the remainder in cash or equity, subject to certain earnout targets being met. Management expects closing to take place in the fourth quarter, pending customary closing conditions.
Retail Pro has established itself as a premier retail management solution over its more than 30-year history, according to the press release. The company’s robust technology platform has gained trust from customers in optimizing complex retail operations.
By joining forces with Nayax, Retail Pro aims to continue delivering its mission on a larger scale, benefiting from Nayax’s global presence and expertise, the release said.
For Nayax, the acquisition of Retail Pro aligns with its growth strategy to scale its retail business and expand its global footprint, per the release. It complements Nayax’s existing technology solutions and offers a comprehensive retail solution with Nayax’s payment and loyalty platform. This acquisition will allow Nayax to cross-sell its payment platform into Retail Pro’s extensive distributor and customer base, further enhancing Nayax’s revenue sources.
This planned acquisition comes about two years after Nayax announced its purchase of smart card technology firm On Track Innovations. With that deal announced in January 2022, Nayax said it would gain share and accelerate its growth opportunities in Japan and other territories.
About eight months later, in August 2022, Nayax expanded again by launching a global virtual asset-to-cash conversion platform called CoinBridge. This platform allows users to convert customer rewards, points, gift cards, vouchers, cashback, payout and other virtual assets into currency where credit cards are accepted.