A local cash automation solutions firm has been acquired to become part of a new Dallas-based company.
GardaWorld, a Canadian security giant, has scooped up Carrollton-based Tidel and inked a definitive agreement to acquire the cash management business of Sweden’s Gunnebo Group, combining them into a new cash ecosystem performance and tech company to be named Sesami Cash Management Technologies.
“Together, (Tidel and Gunnebo) form the foundation of Sesami’s cash optimization platform, which will be powered by the best performing software on the market and able to offer advanced cash management solutions globally,” said Stéphane Gonthier, Sesami CEO, said in a statement.
300-plus team in Dallas
Sesami, which is planting the headquarters for its more than 300-person team in Dallas, will operate as independent entity of GardaWorld. According to the company, Sesami has more than $1.02 billion in revenue. Combined, is spending about $710 million on the acquisitions.
“Tidel is proud and excited to play a foundational role in the creation of Sesami, which will be uniquely positioned to provide clients with access to a full suite of highly innovative cash ecosystem management services,” said Darren Taylor, CEO at Tidel, in a statement.
A ‘one-stop shop’
Sesami bills itself as a “one-stop shop” for consumer businesses and financial institutions looking to outsource cash management activities. Through its business intelligence platform, the company offers services like software, intelligent devices, and end-to-end managed cash ecosystem services.
Gonthier has headed GardaWorld’s cash services business since 2016. Taylor has been tapped to lead Sesami’s intelligent devices business, while Gunnebo President Christian Weisser will head up the company’s managed services business.
Sesami said its formation comes as there is a growing need in the industry to “integrate and completely digitize operations.”
“The cash services industry is rapidly evolving and Sesami is poised to revolutionize it with a new, unique and tech-enabled service delivery model, which is open, integrated, comprehensive, and customizable,” said Stephan Crétier, GardaWorld CEO, in a statement.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
"This industry is young and evolving rapidly," says Cummins. "It's important that a company can position itself to react quickly to capture opportunities like this one."
-
Structured as a Small Business Investment Company (SBIC) through the U.S. Small Business Administration, the fund aims to fuel the growth of privately held, lower middle market businesses in the southern U.S.—with a particular focus on businesses in Texas and the Gulf Coast.
-
Here's a round up of resources that can help in North Texas' unprecedented winter storm. You'll also find updates on funding, grants, and assistance for navigating the COVID-19 crisis in Dallas-Fort Worth.
-
The Dallas office, which plants a flag for Michelman & Robinson in Texas, will house the firm's intellectual property, data privacy, and cybersecurity practices.
-
Broadening Urban Investment to Leverage Dallas (B.U.I.L.D.)—launched last year by the City of Dallas, DEC@Redbird, and more than 200 Dallas County business service organizations—will continue its grant program that serves as a catalyst to Southern Dallas’ small business owners of color and women business owners.
