Grocery tech firm Eagle Eye has acquired Promotional Payments Solutions for £5.5m to expand its offering to include real-time CPG couponing.
Founded in 2014 and headquartered in Dublin, Promotional Payments Solutions has developed a real-time digital marketing platform for managing and processing retailer and CPG coupons across the UK and the Republic of Ireland.
Current clients include Musgrave Group, Ireland’s leading food retail, wholesale, convenience and foodservice company, the Co-operative Group and Tesco, in addition to CPG companies.
Its core offering 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 (the alphanumeric codes associated with a certain discount) coupons issued and redeemed across the UK and Ireland, complete with qualifying product-level data.
In 2024, Promotional Payments Solutions generated revenues of €4m and underlying profits of €900k.
Eagle Eye said the deal brought new enterprise customers into the group, adding to its roster of major retailers, and deepened the existing relationship with two current customers through non-overlapping services, and also provided access to major global CPG brands.
The deal follows a challenging month for Eagle Eye, with shares crashing by more than 40% as it revealed a major contract loss with a US supermarket chain.
Promotional Payments Solutions’ core team will join the group, including CTO Les Carter, with the current executive chairman, Neil Cooke, and CEO, Rory Meehan, moving to consultancy roles.
“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,” said Eagle Eye CEO Tim Mason.
“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.”
CEO Meehan added: “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.”
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