Vontier completes Invenco acquisition
The purchase will help Gilbarco Veeder-Root in expanding its workflow solutions and subscription business model.
Vontier Corporation has completed its previously announced acquisition of Invenco, a global provider of open platform retailing and payment hardware and software solutions. The acquired firm 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.
“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,” said Aaron Saak, President at Gilbarco Veeder-Root.
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.
“This acquisition accelerates our digital strategy and better positions us to serve our customers’ growing demand for secure, digitally agile software systems. 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,” added Mark Morelli, CEO of Vontier.
Vontier continues on its plans to be 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.
