By ET Bureau - October 04, 2022 2 Mins Read
Vontier Corporation (“Vontier”) announced today that it completed its previously announced acquisition of Invenco, a leading global provider of open platform retailing and payment hardware and software solutions. Invenco will function as part of Gilbarco Veeder-Root (GVR), an operating company within the Mobility Technologies platform, to help expand their software-enabled workflow solutions and subscription business model.
As one of the leading suppliers of retailing and payment solutions to the convenience retail industry worldwide, Invenco’s innovative, modern, and highly secure solutions are well positioned to enable retailers to solve for dynamic needs and innovate for different energy futures, digital payments, and consumer services.
This acquisition accelerates our digital strategy and better positions us to serve our customers’ growing demand for secure, digitally agile software systems,” said Mark Morelli, Vontier’s chief executive officer. At the same time, it also delivers on our goal to move up the technology stack, expand our recurring revenue base, and accelerate growth in high-growth markets.”
“We are excited to welcome Invenco to the Vontier family,” said Aaron Saak, President, Gilbarco Veeder-Root. “Invenco immediately enhances GVR’s retail and payment solutions capabilities to deliver on both existing and key emerging market trends. Invenco’s secure, cloud-based open architecture software platform allows fast, low-cost integration while improving customers’ digital agility. Combining Invenco’s disruptive technology platforms with our strong direct channel presence creates a compelling market-leading position to deliver innovative products and solutions for our customers.”
Invenco has made significant investments to accelerate its transformation from hardware to software aligning with Vontier’s evolution to an industrial technology company with software enabled workflows. Vontier remains at the forefront of solving next-generation mobility and transportation challenges. With Invenco’s forward-looking technology Vontier will continue delivering smart, sustainable solutions for its stakeholders, customers and consumers world-wide.
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