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.
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