Clyde & Co advises GLORY on the acquisition of Flooid

Clyde & Co has advised long standing client Glory Global Solutions (International) Ltd (“GGS”) on the acquisition of Flooid Topco Limited headquartered in Coventry, UK (“Flooid”), on January 12, 2024 from Inflexion Private Equity Funds and individual sellers (including the Flooid management team) for a deal value of approximately GBP 169 million.

Flooid focusses on helping retailers deliver seamless experiences across all customer touchpoints with a powerful cloud-native, hardware-agnostic, Unified Commerce Platform for global markets, especially in North America and the UK.

GGS, headquartered in Basingstoke, UK, is a wholly owned subsidiary of GLORY LTD, headquartered in Himeji, Japan and listed on the Tokyo Stock Exchange. Glory is a global leader in cash technology solutions serving the financial, retail, restaurant and gaming industries in more than 100 countries.

The acquisition was a key step in Glory’s strategy to expand beyond the provision of cash technology solutions, and increase their annuity revenue streams.

The Clyde & Co team was led by Nick Purnell, a partner in the firm’s corporate practice and Richard Turner, a London based corporate Legal Director, with support from Bella Hanif (corporate) and, principally, the firm’s tax and IP teams.  

The team has a long-standing commitment to the cash/ATM and payment services space going back 20 plus years and the team is well known in and acts for many businesses in the sector. Nick is a leading lawyer in the sector and, with members of the team, regularly attends and speaks at industry conferences and publishes industry focussed articles. Nick currently sits on the steerco of the UK Cash Alliance.  

Nick Purnell commented: “We are pleased to build on our existing relationship with Glory in the UK and assist them with the development of their diversification plan.  This is particularly important at a time of changing payment behaviour and the requirement of retailers for more and more sophisticated and flexible point of sale management tools.  We have seen a number of consolidation and diversification strategies deployed over the last year and look forward to assisting clients further on these this year.”

Clyde & Co’s global Corporate & Advisory practice supports a wide range of clients across corporate transactions, commercial, employment, finance and IP and technology matters in both mature and emerging markets. The firm’s experience spans major sectors such as payment services, education, healthcare, hospitality, technology, marine, transport, energy, construction, commodities and insurance.