Plexure stumps up A$120M to buy Task Retail's transaction platform

Plexure stumps up A$120M to buy Task Retail's transaction platform

Plexure shareholder McDonald's Corporation approves of the deal.

Phil Norman (Plexure)

Phil Norman (Plexure)

Credit: Supplied

NZX-listed Plexure Group has entered into a conditional agreement to buy Sydney-based transaction platform provider Task Retail for A$120 million.

The deal aims to transform Plexure into an end-to-end cloud engagement and transaction platform provider for major hospitality enterprises and grocery organisations.

Task already boasts a customer base of 50 global brands in the restaurant, food service, entertainment and stadium venues sectors.

It provides an integrated transaction management platform for enterprise customers including point-of-sale, online ordering, loyalty, kiosk, and mobile apps on a global and scalable technology stack.

The benefits for the merger include the diversification of Plexure’s customer base, an expanded product portfolio for both companies and cross-selling opportunities.

The A$120 million is to be paid in a mixture of cash and Plexure ordinary shares. Upon completion, Task’s CEO, Daniel Houden, is to be appointed CEO of Plexure Group.

Privately-owned Task delivered pro-forma revenue of NZ$14 million and a pro-forma EBITDA of NZ$2.4 million for the year ended 30 June. 

Phil Norman, Plexure Group Chairman, said clients want to provide each customer with a personalised, positive experience on device and in-venue. 

"Major enterprise customers strive, and usually fail, to do this today by integrating multiple vendor solutions and managing complex internal management requirements," Norman said.

“With this acquisition, we will enable clients to deliver a better experience and a personalised and seamless service to all their customers, on mobile devices and throughout the venue, through an integrated, highly scalable platform.”

Houden said “Plexure’s personalisation engine would enable Task to offer clients a solution of even greater breadth. 

A$30 million will be paid in cash upon completion of the transaction and A$78.5 million in new ordinary Plexure shares issued to the vendors of Task at NZ$0.60 per share, a premium of 11.1 per cent to the share price on 13 August.

The issued shares will be subject to a two year escrow from the date of issue following Plexure shareholder approval. 

There is no deferred or earn-out consideration.

Houdenm will join Plexure's board as will current Task advisor Bill Crichton.

McDonald’s Corporation, currently a 9.41 per cent shareholder in Plexure, indicated that it supported the transaction. 

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