Short of a name change, it's likely going to take a long time before investors stop thinking of NCR (NCR) primarily as a manufacturer of ATMs and retail self check-out kiosks. After all, that's what we all see on a day to day basis when we go to the bank or a store. There's a great deal more to the story, though, as NCR has invested significantly in its services and software capabilities.
With the acquisitions of Digital Insight and Alaric Systems, announced on Monday evening, NCR has significantly accelerated that transition towards a service and software-oriented company. The deals are expensive in terms of multiples, but the potential from operating synergies, cross-selling, and addressable market expansion...
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