Tomra Systems (TOMRA), provider of reverse vending machines (RVMs) and sensor-based sorting equipment are acquiring Greenbean Recycle.
Greenbean Recycle facilitates rewards to customers for recycling, bringing market value to retailers.
The acquisition is an all-cash transaction and terms of the agreement were not disclosed.
The rewards technology will be integrated with TOMRA’s ReAct consumer engagement system that provide incentives for using RVMs to recycle their bottles and cans.
Launched in Europe earlier this year, ReAct has adapted personal methods for recycling process, with highlights through social media and rewards for top recyclers. Millions of consumers in US and Europe use ReAct and earn their deposit value.
Further, TOMRA plans enhanced personalization technology for more retail customer value, organic growth in non-retail locations and support the program based in colleges, universities and public spaces.
The Greenbean technology facilitates retailer- customer interaction. When recycling through an RVM, customers can add the points to their store cards or gift cards.
TOMRA aims to create a unique experience for all RVM users, leveraging technology to reward and incentivize them, said Hakon Volldal, EVP, head, Tomra’s Collection Solutions business area.
Founded in 2010, Greenbean developed a solution that allowed the recycling refund from an RVM to be transferred to any digital payment account. With TOMRA in 2011 it added the software in RVMs of educational settings, launching the first Greenbean RVM at MIT. Presently, its implementations are in nine colleges in Massachusetts and Indiana.
Greenbean was founded to make RVMs more accessible which would increase recycling rates. By incorporating this 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, noted, Shanker Sahai, CEO, Greenbean Recycle.