TOMRA acquires Greenbean Recycle
Acquisition will allow TOMRA to provide its RVM recycling customers with additional rewards and incentives
TOMRA has entered into an agreement to acquire Greenbean Recycle Inc., a company specializing in technology for RVMs that facilitates rewards and incentives for customers and brings marketing value to retailers.
The rewards technology will be integrated into TOMRA's ReAct technology platform. ReAct is a consumer engagement system designed to enhance the recycling experience, providing rewards and incentives for the consumers using RVMs to recycle their bottles and cans. Launched in Europe earlier this year, ReAct personalizes the process of recycling, and uses social media to highlight and reward top recyclers. Today, millions of consumers already use RVMs in many parts of the world to recycle, redeem container deposits and feel good about recycling.
TOMRA plans to use new and enhanced personalization technology to provide more value to its retail customers, grow organically in non-retail locations and continue to support the currently installed base in colleges, universities and public spaces.
The Greenbean technology facilitates a retailer's interaction with customers: Based on a consumer's recycling habits, the retailer can provide the customer with loyalty points or coupons, and ensure the funds will be spent in the store. When recycling through an RVM, customers have the option of adding points to their store loyalty cards, or to cash-equivalent gift cards.
"We are excited to continue Greenbean's pioneering work of creating a digital engagement platform for RVMs. TOMRA's goal is to create a truly unique and rewarding experience for all RVM users, leveraging technology to reward and incentivize them," said Hakon Volldal, Executive Vice President and Head of Tomra's Collection Solutions business area. "We hope our retail partners will get excited about the RVM's enhanced capabilities to gather shopper insights and deliver marketing messages and rewards right there in the store."
Founded in 2010, Greenbean developed a solution that allowed the recycling refund from an RVM to be transferred to any digital payment account without the need of a paper receipt or cash register. Greenbean worked with TOMRA in 2011 to add the software in the RVMs in educational settings, launching the first Greenbean RVM at MIT. Greenbean implementations are in nine colleges in Massachusetts and Indiana.
Shanker Sahai, Chief Executive Officer of Greenbean Recycle, said, "Greenbean was founded to make RVMs convenient, and more accessible which would increase recycling rates. By incorporating Greenbean technology into TOMRA's ReAct program, TOMRA can engage RVM users and increase recycling rates with its broad and growing customer base and worldwide presence."