NCR Corporation (NCR) has acquired Transoft International, Inc., a global leader in cash cost optimization software for financial institutions and retailers.
NCR will integrate Transoft's software and SaaS-based product suite and employees into its Financial Services line of business in order to strengthen NCR's 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 Transoft's 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 Transoft's software an increasingly important opportunity. The integration of Transoft's software and SaaS offerings with NCR's 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 ATM's 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. Transoft's software solution will combine with NCR's 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. "NCR's 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 NCR's elegant hardware solutions makes a lot of sense to our customers and to the market, and we look forward to delivering exciting synergies."