NCR Acquires Leading Cash Cost Optimization Software Company to Accelerate Solutions Strategy
Transoft to Help NCR Deliver Unique and Compelling Integrated Cash Management Solution for Banks and Retailers
DULUTH, Ga.--(BUSINESS WIRE)-- NCR Corporation (NYSE: NCR) has acquired Transoft International, Inc. , a global leader in cash cost optimization software for financial institutions and retailers. NCR will integrate Transofts software and SaaS-based product suite and employees into its Financial Services line of business in order to strengthen NCRs existing cash management offering, eventually bringing financial institutions and retailers a unique and compelling integrated cash management solution. Terms of the deal are not disclosed.
Transoft manages cash for hundreds of thousands of ATMs, branches, vaults and retailers around the world. Its cash cost optimization software uses complex statistical analysis to help financial institutions and retailers optimize their cash requirements and reduce costs associated with cash handling. NCR believes that cash management represents a $1 billion segment for integrated technology hardware, software and services solutions.
The addition of Transofts solutions and experience will help NCR build a unique and compelling integrated cash management solution, said Peter Leav , executive vice president, NCR. As financial institutions continue to reinvent their customer experience through intelligent deposit and branch transformation, managing cash is becoming increasingly complex, making Transofts software an increasingly important opportunity. The integration of Transofts software and SaaS offerings with NCRs experience in ATM and branch technology and strategies will give our customers a unique source of innovative solutions.
According to the ATMIA, cash management accounts for nearly 30 percent of an ATMs annual expenses. ATMIA also estimates that effective cash management strategies can save a financial institution from $3,000-$10,000 a year within a branch. Transofts software solution will combine with NCRs existing portfolio of Cash Management Consulting services and media handling self-service devices, such as ATMs, teller cash recyclers (TCRs), and teller automation technology.
For 18 years, our partnership with NCR has been important to us and, with the current emerging technologies in cash recycling and central bank adaptations, I believe a new era has arrived for our industry. The timing is right for this expanded relationship with NCR, said Bo H. Holmgreen, president and CEO, Transoft. NCRs size and reach will help us further grow our cost optimization solutions through worldwide coverage and support. Coupling our aggressive optimization software strategy and our people with NCRs elegant hardware solutions makes a lot of sense to our customers and to the market, and we look forward to delivering exciting synergies.
About NCR Corporation (NCR)
NCR Corporation is a global technology company leading how the world connects, interacts and transacts with business. NCRs assisted- and self-service solutions and comprehensive support services address the needs of retail, financial, travel, hospitality, gaming, public sector, telecom carrier and equipment organizations in more than 100 countries. NCR (www.ncr.com) is headquartered in Duluth, Georgia.
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Note to Investors
NCR Corporation is not required to file a Current Report on Form 8-K with the Securities and Exchange Commission as a result of the consummation of the transaction described in this release.
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Forward-looking statements are based on managements beliefs, expectations and assumptions and involve a number of known and unknown risks and uncertainties. Those risks and uncertainties include economic, business, competitive, market and regulatory conditions and the following: domestic and global economic and credit conditions; the financial covenants in our secured credit facility and their impact on our financial and business operations; our indebtedness and the impact that it may have on our financial and operating activities and our ability to incur additional debt; the adequacy of our future cash flows to service our indebtedness; the variable interest rates borne by our indebtedness and the effects of changes in those rates; shifts in market demands, continued competitive factors and pricing pressures; the effect of currency translation; our ability to achieve targeted cost reductions; short product cycles, rapidly changing technologies and maintaining a competitive leadership position with respect to our solution offerings; tax rates; ability to execute our business and reengineering plans; turnover of workforce and the ability to attract and retain skilled employees; availability and successful exploitation of new acquisition and alliance opportunities; our ability to sell higher-margin software and services in addition to our hardware; the timely development, production or acquisition and market acceptance of new and existing products and services; changes in Generally Accepted Accounting Principles (GAAP) and the resulting impact, if any, on the companys accounting policies; continued efforts to establish and maintain best-in-class internal information technology and control systems; market volatility and the funded status of our pension plans; the success of our pension strategy; compliance with requirements relating to data privacy and protection; expected benefits related to acquisitions and alliances, including the acquisition of Radiant Systems, Inc., not materializing; and other factors detailed from time to time in our U.S. Securities and Exchange Commission reports and the company's annual reports to stockholders. These and other risks, assumptions and uncertainties are described in our most recent Annual Report on Form 10-K and in other documents that we file or furnish with the U.S. Securities and Exchange Commission, which you are encouraged to read.
Forward-looking statements are not guarantees of future performance. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. NCR Corporation expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Jeff Dudash, 919-435-6976
Source: NCR CorporationCopyright Business Wire 2012