MONTREAL 鈥� GardaWorld is on an acquisition spree, completing its 10th deal of the year so far with the purchase of cash technology solutions business ARCA.
The Montreal-based global security services company says this brings its total investment on acquisitions to more than $1.3 billion year to date.
GardaWorld says ARCA and its 320 employees will join forces with financial technology company Sesami, which operates as an independent entity of GardaWorld.
GardaWorld says it has also concluded an agreement with the Quebec government through Investissement Qu茅bec for a $300 million strategic investment, at market conditions, by way of a private placement in GardaWorld preferred shares
The preferred shares are redeemable by the company and entitle the holder to a dividend capitalized annually and payable at the time of their redemption by GardaWorld.
GardaWorld CEO Stephan Cr茅tier said in a statement attached to the news release that "the strategic investment enables (GardaWorld) to acquire high-quality companies like ARCA, and to keep innovating and leading the industry."
This report by The Canadian Press was first published Aug.24, 2022.
The Canadian Press
