ATM maker expands US business
Australian-listed automatic teller machine supplier GRG International is acquiring US-based ATM maker Triton for about $US25 million ($A24.62 million).
Triton, which manufactures off-premise ATMs and ATM management software, has more than 200,000 installations in over 24 countries.
GRG today said the integration would boost GRG International's annual revenue by more than $A55 million, annual profit by $A6.3 million and its assets by more than $A25 million.
It also expects cost savings from the merger of Triton and GRG's north American operations from this financial year.
"The acquisition is a major expansion boost for GRG International into western markets," GRG chairman and chief executive Jeff Barrow said in a statement.
"Triton's long-term success in the design, manufacture and supply of retail ATM units will complement our existing GRG banking products and offer a wider solution to retail and financial institutions.
"It will also greatly strengthen our presence and product offering in India."
GRG said it had arranged 100 per cent debt funding for the transaction, due to be completed within 60 days, through an Asian-based private equity fund.
The company sells banking ATMs and related services in Australia where runs the ATM service for Suncorp and Bendigo banks and the EcoCash units. It also operates in the US, Canada, the UK, Ireland, South Africa, India and Mexico.
Its shares were 0.5 cents higher, at six cents, at 8.31am.
