RALEIGH – The Raleigh-headquartered Vontier Corporation announced on Thursday that it has signed an agreement to buy retailing and payment solutions provider Invenco for at least $80 million during the company’s quarterly earnings report.
At the time, Vontier anticipated staffing levels of about 8,400 workers, and the company officially moved headquarters to Raleigh later that year planning to hire some 100 corporate workers, according to prior reporting from WRAL TechWire.
Now, the company has acquired an additional business, Invenco, based in New Zealand.
“We are excited to acquire industry leader Invenco and expand our software enabled workflow solutions and subscription business,” said Mark D. Morelli, president and CEO of Vontier Corporation in a statement released on Thursday. “Invenco’s disruptive edge computing technology roadmap and modular solutions offer extensibility across other retailing verticals and accelerates our digital strategy, better positioning us to serve our customers’ growing demand for digitally agile software systems.”
According to a statement from the company, the addition of Invenco could add 2022 revenue of $80 million, including mid-40% gross margins. The acquisition was stated to provide the enhancement of the company’s growth and recurring revenues.
Vontier also reported earnings for the second quarter, with net earnings at $33.3 million and adjusted net earnings at $116.4 million, according to the statement.
Those earnings came with increases in revenue, as the company reported year-over-year revenue growth of 7.2% in the quarter, with revenues of $776.4 million.
“Strong execution, price and cost performance, and capital allocation drove double-digit earnings growth,” said Morelli in the statement. “Reflecting the strength and resiliency of our portfolio, the overall demand environment remains solid and underlying order trends and elevated backlog levels position us well for accelerated growth into the back half of this year and into 2023.”
The company is hiring for 26 open roles in North Carolina, according to its careers webpage.