Diebold Inc. is selling Diebold ERAS Inc., the company's image-based check processing and remittance services, to CheckAlt LLC.
CheckAlt, based in Los Angeles, Calif., provides payment and item processing for financial institutions and merchants.
"We are excited to partner with CheckAlt and capitalize on the growth opportunities within the payment processing market," says Stan Wade, general manager of ERAs, in a July 9 press release.
Western Reserve Partners LLC, a financial advisory services provider, advised Diebold through the sale.
"Western Reserve enjoyed working closely with Diebold, Inc. and ERAS to help both companies further realize their core business operations through this transaction, says Kevin White, managing director of Western Reserve Partners, in the release. CheckAlt is strategically aligned with ERAS and will prove to be a great partner for the Company.