Jun 30, 2017

Invenco takes out Commercialization of Innovation for Export Award for 2017


Auckland NZ 30 June, 2017. Last night Invenco CEO, Gavin Lennox, accepted the 2017 Commercialization of Innovation for Export Award at the Export NZ Awards at Sky City Hotel in Auckland. Acccepting the award in front of an audience of over 500 exporters and VIP guests, Gavin Lennox spoke of an exceptional two years for Invenco.

“We have more than doubled our staff numbers and are currently looking for 40 more staff, we’ve launched in the US and are on track to increase our on track to increase our revenue exponentially in the next year,” he said. While not wanting to single out any particular team members, he did pay tribute to the company’s founders, Sir Peter Maire and Dave Ritten, who continue to take an active role in the company.

According to the Judges Invenco has established itself as an innovator in outdoor payment terminals, with products focused on the petroleum industry. They said: “ The company’s open platform approach is revolutionary and has placed Invenco among the top five providers of opts globally.

Key to success has been strict adherence to international security standards and certification, which create barriers to entry and help protect the company’s IP. With existing markets in Southeast Asia and Europe, Invenco is now focusing on the US, in partnership with NCR and has also recently signed a joint venture with a Japanese based partner.

The judges were impressed with Invenco’s drive to innovate, with 75% of its current staff of 180 involved in R&D. They particularly referenced the company’s latest development - the G7 OPT - with a 12” touch screen able to operate in all weathers.

“Its modular design enables the G7 OPT to be retrofitted into any standard self-service payment stand, self-service kiosk or petrol pump and its robustness makes it ideal for unattended sites operating 24/7. The OPTs generate recurring revenue through hardware replacement, upgrades and cloud usage.

“The company’s success to date and its strategy for growth make it a clear winner of this year’s Export Award for Best Commercialisation of Innovation.”