ATM maker NCR Corp. plans to use its newly announced acquisition of Transoft International Inc. to strengthen its existing cash-management offering and eventually bring an integrated cash-management service to financial institutions and retailers.
The company announced the deal Sept. 7. It did not disclose financial terms.
Transoft manages cash for hundreds of thousands of ATMs, branches, vaults and retailers globally. Its cash-cost optimization software uses statistical analysis to help financial institutions and retailers optimize their cash requirements and reduce costs associated with cash handling.
NCR says cash management represents a $1 billion segment for integrated technology hardware, software and services solutions.
"As financial institutions continue to reinvent their customer experience through intelligent deposit and branch transformation, managing cash is becoming increasingly complex, making Transoft's software an increasingly important opportunity," Peter Leav, NCR's executive vice president, said in a news release.
Transoft's software will combine with NCR's existing portfolio of cash management consulting services and media handling self-service devices, such as ATMs, teller cash recyclers and teller automation technology, NCR said in its release.