19 October 2017
Find out more

Burroughs reborn through acquisition of Unisys cheque business

04 February 2010  |  5436 views  |  0 cheque

Nearly a quarter of a century after the name disappeared, Burroughs has been resurrected by a private equity firm that has acquired Unisys' cheque and cash automation equipment business.

Founded in 1886 as the American Arithmometer Company, and changing its name to Burroughs in 1904, the firm was a major US business equipment manufacturer, initially building mechanical adding machines before moving into programmable ledgers and then computers.

The cheque processing business dates back to Burroughs' pioneering use of magnetic ink character recognition in 1959.

However, in 1986, after acquiring rival firm Sperry in a $4.8 billion deal, the company changed its name to Unisys.

Now, California-based Marlin Equity Partners has acquired the cheque business - including the manufacturing and office facility in Plymouth, Michigan - for an undisclosed fee, and established a new company, Burroughs Payment Systems.

The firm currently employs around 500 people and, according to local press reports, has more than 2000 customers in North America.

Separately, Unisys has won extensions to long-term contracts with Australia's Suncorp. Under the extensions, Unisys will continue to provide Suncorp's banking and insurance operations with cheque processing services for a further two years and direct entry electronic payments for another three years.

Terry Wasmund, GM, Suncorp Bank, says: "Having Unisys provide these services allows us to focus on other core areas of our business, knowing that back-end payments are being processed in an efficient and cost-effective manner."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nationwide virtualises data centre with Unisys

Nationwide virtualises data centre with Unisys

03 February 2010  |  5879 views  |  0 comments
Lloyds TSB, Barclays and HSBC extend UK cheque processing outsourcing deals

Lloyds TSB, Barclays and HSBC extend UK cheque processing outsourcing deals

27 October 2009  |  11010 views  |  0 comments
Unisys refutes security cover-up allegations over Homeland Security hack

Unisys refutes security cover-up allegations over Homeland Security hack

24 September 2007  |  5142 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.niceactimize.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15758 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8923 views comments | 16 tweets | 22 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8008 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7116 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6266 views comments | 6 tweets | 3 linkedin

Featured job

to £70K base, £105K ote, benefits
London, UK

Find your next job