Dover Corporation (NYSE: DOV) successfully acquired Bulloch Technologies, Inc., a key player in the convenience retail industry, providing advanced point-of-sale (POS), forecourt controller, and electronic payment server solutions. The acquisition, valued at CAD150 million with potential additional contingent considerations based on future business growth, marks a strategic expansion for Dover's Clean Energy and Fueling segment, specifically under its Dover Fueling Solutions (DFS) unit. Bulloch, headquartered in Toronto, Ontario, stands out as a prominent supplier in Canada, catering to major retailers with over $35 billion in sales and 520 million transactions annually across 7,000 locations.

DFS President David Crouse highlighted the acquisition's strategic significance, noting Bulloch's integration will enhance DFS's offerings in North America, complementing their existing POS and forecourt solutions. This move is expected to bolster DFS's capabilities in convenience retail, enabling innovative loyalty and commercial technologies through DFS's Wayne dispensers. Furthermore, DFS plans to facilitate Bulloch's expansion into the U.S. market, leveraging its sales channels and service infrastructure to deliver world-class end-to-end solutions in 2024.

The acquisition aligns with Dover's growth strategy, introducing an attractive digital and recurring revenue stream within a burgeoning market. As customers increasingly digitize operations amidst rising payment security and compliance standards, Dover anticipates this integration will offer substantial growth and synergy opportunities, promising enhanced shareholder value.