This strategic acquisition will cement Zonal’s position as the largest hospitality EPoS solutions provider in the UK and add a significant footprint in the US where it doubles the size of their North American business.
The US arm of Comtrex is based out of New Jersey and, when added to the current Zonal office in Florida, provides extended coverage of the US market. Richard Hammond, who heads up Zonal’s US division, said: “The team at Comtrex will be a real asset to Zonal and I’m looking forward to continuing to build our combined company as a growing force in the US POS technology world.”
Jeff Rice, Comtrex CEO added: “Zonal is the perfect fit for Comtrex as we are culturally and geographically aligned. Together we can continue on a strong growth path in the years ahead.”
In addition to the US, Comtrex also has a significant UK business. Steve Roberts, the Managing Director of Comtrex UK, says: “I’m delighted to join the Zonal family and excited about working with their team to further strengthen the Comtrex solution and to becoming part of the UK’s most successful EPoS Company.”
Stuart McLean, Zonal’s long-time CEO, comments: “Comtrex is a fantastic addition to the Zonal family with great customers and products on both sides of the Atlantic. I am delighted to welcome Jeff, Steve and the rest of the team at Comtrex to Zonal and look forward to continuing the success they have had over the 30 years their business has been operating.”
Zonal is the leading provider of integrated hospitality management solutions to over 15,000 leisure and hospitality businesses across the UK. For 39 years the company has been working closely with clients to enhance the customer experience through market leading technology, experienced people and a partnership approach to business.
Comtrex Systems Corporation is a software developer, systems integrator and designer of point-of-sale (POS) electronic information systems for the restaurant and quick service food industry.
Completion of the transaction is subject to satisfaction of customary closing conditions, including the receipt of all required third party approvals, and to the approval of the holders of Comtrex common stock, by the affirmative vote of holders of more than 50% of the outstanding shares of Comtrex. Holders of more than 50% of the outstanding shares of Comtrex common stock have entered into voting agreements with Zonal whereby they have agreed to vote their shares in favour of the transaction. The transaction is expected to be consummated as soon as practical following the completion of all conditions to closing.
This press release contains forward-looking statements regarding, among other things, Zonal’s and Comtrex’s beliefs, plans, objectives, strategies, estimates, intentions and expectations. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “believe”, “potential”, ”expect”, “estimate”, “would”, “could”, “intend”, “will”, “if”, and “may”. These forward-looking statements are based upon a number of assumptions which may prove to be incorrect, involve certain risks and uncertainties that are difficult to predict and, accordingly, are not guarantees of future performance. Future developments may differ materially from those expressed in the forward-looking statements contained in this press release, due to, among other factors, the risks and uncertainties inherent in the business and operations of Comtrex and Zonal. Other than as required by applicable law, Zonal undertakes no obligation to publicly update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.