Published: Aug 11, 2013
Focus:
Growth Capital,
Private Equity
Point-of-sale cash management specialist Cash Bases has secured a multi-million pound contract with leading international retailer Tesco PLC, which will see the integration of its SMARTtill technology in over 10,000 of the retailer's UK tills.
The SMARTtill system, which offers automated cash management technology and monitors point-of-sale transactions in real-time, will be adopted in Tesco's Extra and Superstore outlets from August 2013. The intelligent cash drawer system will enable the retailer to monitor the cash-flows of any given till, ensuring adequate change values are available and alerting management when cash levels reach minimum or maximum values, ultimately leading to a more seamless customer experience.
The retailer plans to introduce the SMARTtill to make the process at the checkout run as smoothly as possible, giving staff more time to focus on providing customers with the excellent customer service they expect from Tesco.
Maven portfolio company Cash Bases, a UK manufacturer of quality cash drawers and security-based technology, utilised its over 30 years of experience in cash management and feedback from the retail community to design the SMARTtill solution. The company is currently in talks with a number of other large UK retailers interested in adopting its SMARTtill systems.
Phil Stone, the Managing Director of Cash Bases, added: "Cash is still used in the majority of retail transactions, but managing cash is a growing concern for management in today's fast-paced retail environment. Customers want speed and convenience, something the SMARTtill system is designed to expedite, whilst managing the risk of losses. We're delighted to be working with such a well-respected retail company and are confident we'll make a tangible, material impact on Tesco and their customers’ experience from day one."
