Swyft acquires ZoomSystems
Swyft, Inc. has acquired NewZoom LLC, a provider of automated retail systems, in a cash and equity transaction. The Swyft purchase of ZoomSystems enables both companies to better serve a broader global customer base in both automated retail and retail automation. The companies will continue to operate as separate entities.
The ZoomSystems automated retail stores for Best Buy, Benefit Cosmetics, Nespresso, Proactiv, UNIQLO and other brands reach consumers across North America and Europe. ZoomSystems provides brands and retailers an end-to-end solution, which includes access to thousands of locations in airports, malls and other high-traffic channels. Swyft has operated in Japan, the world's largest vending market per population, as well as China and Australia. Swift recently launched in North America with several Fortune 100 companies.
Swyft's CEO Gower Smith was the original founder of ZoomSystems. Smith co-founded Swyft in 2013 with three young technical entrepreneurs to develop the second generation automated retail hardware and software using the latest cloud and IoT technology. Following the acquisition, Swyft and ZoomSystems constitute the two largest companies in the automated retail industry.