REG - Eagle Eye Solutions - Acquisition of Promotional Payments Solutions

Eagle Eye SolutionsAnnouncement

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RNS Number : 8546O  Eagle Eye Solutions Group PLC  30 June 2025

 

 

 

 

 

30 June 2025

Eagle Eye Solutions Group PLC

("Eagle Eye", the "Group" or the "Company")

 

Acquisition of Promotional Payments Solutions Limited

Earnings enhancing acquisition brings new enterprise customers and expands
Eagle Eye's offering to include real-time CPG couponing

 

Eagle Eye, a leading SaaS and AI technology company that creates digital
connections enabling personalised, real-time marketing at scale, is pleased to
announce the acquisition of Promotional Payments Solutions Limited
("Promotional Payments Solutions"), a Dublin-based SaaS company specialising
in digital promotions and loyalty solutions for enterprise retailers and
consumer packaged goods ('CPG') companies (the "Acquisition") for a net
consideration of €5.5 million.

 

Highlights of the Acquisition

 ·             Brings new enterprise customers into the Group, deepens engagement with mutual
               customers and provides access to major global CPG brands.
 ·             Expands Eagle Eye's offering into the growing market of CPG-funded couponing,
               enhancing Eagle Eye's upsell opportunities within its existing UK customer
               base and the potential to expand into to other markets, over time.
 ·             Expected to be immediately earnings per share enhancing.
 ·             Promotional Payments Solutions is profitable, with strong operating margins,
               having generated unaudited SaaS revenue of €3.2 million and an adjusted
               EBITDA margin of c.30% in the year ended 31 December 2024.
 ·             Promotional Payments Solutions' core team will join the Group, including
               Promotional Payments Solutions' CTO, Les Carter.
 ·             Total consideration of €7.5 million, which includes receipt of €2 million
               of unrestricted cash on Promotional Payments Solutions' balance sheet, funded
               via the Group's existing cash reserves.

 

Promotional Payments Solutions overview

Founded in 2014 and headquartered in Dublin, Ireland with a team of 20 people,
Promotional Payments Solutions has developed a real-time digital marketing
platform for managing and processing both retailer and CPG coupons across the
UK and the Republic of Ireland. It has an established position in the UK and
Irish markets with long-standing customer relationships.

 

Current clients of Promotional Payments Solutions include Musgrave Group,
Ireland's leading food retail, wholesale, convenience and foodservice company,
The Co-operative Group and Tesco UK, in addition to many of the world's
leading CPG companies.

 

Promotional Payments Solutions' core functionality includes PromoPay, a real
time transaction engine similar to the Eagle Eye AIR platform, supporting
promotions, loyalty and gifting, and PromoBase, a national database covering
all national 99-code* coupons issued and redeemed across the UK and Ireland,
complete with qualifying product-level data. The digital PromoBase solution
solves common challenges for both retailers and manufacturers running CPG
promotions, namely by preventing mis-use and fraud, by significantly reducing
historically lengthy settlement times, enabling fast reimbursement to
retailers, and providing real-time promotion performance data to CPGs.

 

Promotional Payments Solutions is profitable and cash-generative. In the year
ended 31 December 2024, Promotional Payments Solutions generated unaudited
total revenues of €3.96m, SaaS revenue of €3.2 million and EBITA of
€0.9m, with net assets of €5.2m.

 

Acquisition rationale

The Acquisition brings new enterprise customers into the Group, adding to
Eagle Eye's roster of major retailers, deepens the existing relationship with
two current Eagle Eye customers, through non-overlapping services, and
provides access to major global CPG brands.

 

The Acquisition delivers a new, complementary solution in PromoBase, for which
Eagle Eye believes there are further growth opportunities within the Group's
existing UK retail customers, with the potential for expansion into other
markets over time.

 

Promotional Payments Solutions' core team will join the Group, including
Promotional Payments Solutions' CTO, Les Carter, with the current Executive
Chair, Neil Cooke, and CEO, Rory Meehan, moving to consultancy roles.

 

The Acquisition is expected to be immediately accretive to earnings per share,
with annual cost synergies at completion of €0.3 million, and further cost
synergies anticipated over time.

 

Notice of full year trading update

The Company expects to announce a trading update for the financial year ending
30 June 2025 on 15 July 2025.

 

Tim Mason, CEO of Eagle Eye, commented, "We are excited to welcome Promotional
Payments Solutions and its customers to the Eagle Eye family. Promotional
Payments Solutions' capabilities in real-time couponing are a strong addition
to our AIR platform, in an area of growing interest to retailers and brands.
Its track record and long-standing relationships speak to the quality of the
team and offering and Rory, Les and Neil's successful stewardship of the
business to date. We are excited by the new avenues for growth the acquisition
represents, as we seek to scale our business and deliver on our growth
ambitions."

 

Rory Meehan, CEO of Promotional Payments Solutions, said: "Over the past
decade, we've built Promotional Payments Solutions into a trusted provider of
digital promotions and real-time coupon redemption and reconciliation for some
of the UK and Ireland's leading retailers and brands. As the market continues
to grow, we recognised that now was the right time for a new home for the
business, providing the ability to accelerate growth. The alignment in values,
ambition, and technology between Promotional Payments Solutions and Eagle Eye
gives us great confidence that the team, customers, and platform will continue
to thrive as part of the Group, a known global leader in digital marketing
technology."

 

*National 99-codes are the alphanumeric codes associated with a certain
discount

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. The person responsible for arranging
release of this announcement on behalf of Eagle Eye is Lucy Sharman-Munday,
Chief Financial Officer.

 

 

Enquiries:

   Eagle Eye Solutions Group plc                                Tel: 0844 824 3686
   Tim Mason, Chief Executive Officer
   Lucy Sharman-Munday, Chief Financial Officer

   Investec Bank plc (Nominated Adviser and Joint Broker)       Tel: +44 20 7597 5970
   David Anderson / Nick Prowting / James Smith

   Shore Capital (Joint Broker)                                 Tel: +44 20 7408 4090
   Corporate Advisory: Daniel Bush, David Coaten, Lucy Bowden
   Corporate Broking: Henry Willcocks

   Alma Strategic Communications                                Tel: +44 20 3405 0205
   Caroline Forde, Hannah Campbell, Kinvara Verdon

 

About Eagle Eye

Eagle Eye is a leading SaaS and AI technology company enabling retail, travel
and hospitality brands to earn the loyalty of their end customers by powering
their real-time, omnichannel and personalised consumer marketing activities,
at scale.

 

Eagle Eye AIR is a cloud-based platform, which provides the most flexible and
scalable loyalty and promotions capability in the world. More than 1 billion
personalised offers are executed via the platform every week, and it currently
hosts over 500 million loyalty member wallets for businesses all over the
world. Eagle Eye is a certified member of the MACH Alliance and is trusted to
deliver a secure service at hundreds of thousands of physical POS destinations
worldwide, enabling the real-time issuance and redemption of promotional
coupons, loyalty offers, gift cards, subscription benefits and more.

 

The Eagle Eye AIR platform is currently powering loyalty and customer
engagement solutions for enterprise businesses all over the world, including
Asda, Tesco, Morrisons, Waitrose and John Lewis & Partners, JD Sports,
Pret a Manger, Loblaws, Southeastern Grocers, Giant Eagle, and the Woolworths
Group. In January 2024, Eagle Eye launched EagleAI, a next-generation data
science solution for personalisation, already being used by leading retailers
worldwide including Carrefour, Auchan and Pattison Food Group. Web
- www.eagleeye.com
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