CashGuard AB, a wholly owned subsidiary of PSI Group ASA and leading provider of secure cash handling solutions for grocery and retail trade, has signed a distribution agreement with Finnish Monilaite-Thomeko Oy. The non-exclusive agreement comprises distribution and service of CashGuard's cash handling solutions in Finland - and represents an important strategic move in a new market with a significant potential.
- With this distribution agreement we make a further leap forward in the Nordic region by increasing the accessibility and sales pressure related to CashGuard. The potential in the Finnish market alone is expected to be significant, and could make it one of the strongest growth markets for CashGuard - as a natural continuation of PSI's successful growth in the Norwegian and Swedish markets. At the same time it is of great strategic value that we - as leading partner for large chains within grocery and specialist trade - to an even larger degree are integrating sales and services related to CashGuard in the entire Nordic region. In addition this represents yet another entry into a Euro market, where in the years ahead, an overall significant growth is expected, says Jørgen Waaler, CEO of PSI Group ASA.
Monilaite-Thomeko Oy is a technology and service partner for retail, fast food and industrial trade in Finland - with a quite similar position to PSI's Retail Solutions in Norway and Sweden - with additional business activity in the Baltics and Russia. As part of the initial cooperation mainly test and pilot deliveries of CashGuard systems are expected during the current year. Together with Monilaite-Thomeko Oy the objective is to establish a leading market position for CashGuard in Finland.
With strongly increasing demand for CashGuard's cash handling solutions, and several new framework agreements with leading chains in Norway and Sweden so far this year, the prospects for growth and profitability in this field are good - both in the Nordic market and in new markets in Europe and internationally.
CashGuard AB is a subsidiary of PSI Group ASA and forms one of the Group's three business areas; Cash Management Retail. The company's R & D operations and management are located in Stockholm. An installed base of nearly 14 000 CashGuard systems operate daily at all kinds of cash points of retail sales. The client base includes mainly Nordic grocery chains and retail stores, but increasingly also European and international players.
For additional information please contact:
Jørgen Waaler
CEO of PSI Group ASA
Phone +47 905 90 010
Facts about PSI Group
PSI Group is a leading global provider of closed cash handling solutions in the society and provider of retail technology for
improving the efficiency of price, goods and consumer information in selected geographical areas.
PSI Group is head quartered in Rælingen (Norway) and employs a staff of more than 400 in Scandinavia and Europe. The company is listed on the Oslo Stock Exchange and Nasdaq OMX in Stockholm.
For more information, visit www.psi.no