Gunnebo Sells its Cash Management Business to Sesami - A GardaWorld Entity
The Gunnebo Group today announces the divestiture of its Cash Management business to Sesami Cash Management Technologies Corporation (“Sesami”), a tech-enabled cash ecosystem solution integrator that operates as an independent entity of Garda World Security Corporation (“GardaWorld”), one of the largest security companies in the world. Terms of the transaction were not disclosed. The divestment is part of Gunnebo’s transformation journey started in 2020, leaving the integrated security and the cash management segments, to be able to focus on the global leading market positions within the Business Units Entrance Control and Safe Storage.
Stefan Syrén, President and CEO of Gunnebo, said: “This divestment enables us to further focus on our core business and accelerate on our strategy and ambitious growth plans. With increasing market demand in an ever-changing world giving rise to new needs for entrance control and safe storage solutions, we want to grow our business through innovation and digitalization, working closely with our current and future customers on satisfying their needs.”
“Cash Management deviates from our set strategic parameters for future investment and we have therefore decided to sell the business. We are pleased to have found a strategic and trusted owner in Sesami, better positioned to invest in Cash Management’s long-term growth going forward.”
The Gunnebo Group concluded that a private sale of the Cash Management business to a GardaWorld entity is in the best interest for both Gunnebo and the Gunnebo Cash Management Business Unit. This is the outcome of a thorough dual-track process in which we have carefully considered several strategic options, including a sale to private buyers. The transaction is expected to be closed by March 1, 2022.
Integrated into Sesami, a newly created cash ecosystem performance and technology company and independent operated entity of GardaWorld, Gunnebo Cash Management will be in a position to achieve its full potential in an industry undergoing a massive transformation.
“Gunnebo Group’s cash management business is a best-in-breed service provider and recognized leader in its industry. We look forward to growing our teams, to continue building our industry expertise, and to grow our international footprint in this business segment through Sesami,” said Stephan Crétier, Founder, Chairman, President and Chief Executive Officer, GardaWorld.
“We believe this divestment is of mutual benefit to all parties involved, where Cash Management will prosper and develop within Sesami, and where Gunnebo will build upon our leading global positions. With the significant investments to transform our business the last couple of years, following the logical step of divesting our Integrated security business and now divesting Cash Management, we are now equipped for the future to expand our markets, our product offering and our customer segments within the Business Units of Entrance Control and Safe Storage”, concluded Stefan Syrén.
For further information, please contact:
Susanne Gerdin, Head of Group Communications, Gunnebo Group
Susanne.Gerdin@Gunnebo.com
Telephone: +46 10 209 5062
LinkedIn: https://www.linkedin.com/in/susannegerdin/
About Gunnebo Cash Management
Gunnebo Cash Management provides automated cash handling solutions, software and services including closed cash handling, cash recycling and cash deposit. Its solutions reduce the cost of handling notes and coins across the cash ecosystem and create a safer, more efficient cash cycle.
http://www.gunnebocashmanagement.com
The Gunnebo Group operates worldwide, providing innovative products, software and services to control the flow of people, valuables and cash. Gunnebo offers entrance control, safe storage, cash management and integrated security solutions to customers primarily within retail, mass transit, public & commercial buildings, industrial & high-risk sites and banking. Gunnebo Group today employs around 4000 people worldwide serving customers in multiple markets. In 2021, net sales amounted to about 4,500 MSEK
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