LONDON, UK: Eagle Eye Solutions Group has conditionally agreed to acquire the entire issued and to be issued share capital of Untie Nots and its subsidiaries, a leading business based in France providing large retailers with AI powered promotion and gamification SaaS software solutions.

 The initial consideration for the acquisition is €15.0 million, with €9.1 million payable in cash and €5.9 million in new ordinary shares of Eagle Eye Solutions.

 A further performance-linked earn-out consideration is payable to the selling shareholders of Untie Nots of up to €23.8 million in cash or new ordinary shares in Eagle Eye Solutions, or a combination thereof.

Untie Nots is a leading personalised promotions business providing retailers with AI powered promotion and gamification SaaS software solutions, whose enterprise customers include Carrefour, E. Leclerc and Auchan and other blue-chip retailers in Europe and the US, including Rite Aid.

Untie Nots offers a digital platform which allows retailers to personalise promotions, providing customised challenges to earn rewards with AI and deep machine learning facilitating hyper personalisation through its analytics capability.

Untie Nots’ end-to-end analytics, transactional and user experience offering will provide Eagle Eye with additional product and technology capabilities and an enlarged talent base, including the Untie Nots co-founders and its current 30 tech-oriented employees.

Untie Nots’ strong reach in France and growing footprint in Europe and the US will expand Eagle Eye’s geographic reach and bring additional blue-chip customers into the Group, offering global cross-selling opportunities across complementary customer bases.

Untie Nots has a successful track record of customer acquisition and revenue growth and is expected to achieve approximately 53 per cent. revenue CAGR over the three years ending 31 December 2021, driven by its proven capability to deliver higher incremental spend by customers for retailers. The Acquisition is expected to be earnings accretive in the first full year of ownership.

Tim Mason, Eagle Eye Solutions Chief Executive Officer commented: “The acquisition of Untie Nots will provide us with accelerated entry into the French digital promotions market, bring some of Europe’s largest grocers into the Group and add to our growing roster of US clients, providing a wealth of cross-sale opportunities.

At a time when retailers are accelerating their digital promotions activities to retain and grow their customer bases, we believe Untie Nots’ gamification technology will resonate across our customer base and pipeline. Untie Nots’ customer list and strong financial metrics speak to the quality of the business, offering and people behind it, and we are confident that together we will be able to unlock a considerable additional growth opportunity.”

Zyed Jamoussi & Cédric Chéreau, Untie Nots’ Group Managing Directors commented: “By joining forces with the Eagle Eye family, we will be capable of bringing a compelling cloud-based SaaS software suite to the retail industry loyalty and promotion space. From one-to-one targeting to real time transactions and gamified customer experience, we will provide the retail industry with the end-to-end solution suite to take their promotion and loyalty to the next stage.

We are very excited about joining Eagle Eye since it will allow us to cover the retail market from Asia Pacific across Europe, the UK to North America.”

Eagle Eye Solutions also announce the launch of a fully underwritten placing of new ordinary shares in the company to raise approximately £7.0 million at a price of 555 pence per share.