NCR announced late Friday afternoon that it has acquired Transoft International of Cary, N.C. in an effort to bolster its cash management software services. NCR will integrate Transoft's product suite and employees into its financial services line of business.
The Duluth, Ga. automated teller machine maker said Transoft manages money for hundreds of thousands of ATMs, branches, vaults and retailers, worldwide.
The terms of the deal were not released. NCR and Transoft have a longstanding working relationship.
"The addition of Transoft's solutions and experience will help NCR build a unique and compelling integrated cash management solution," says Peter Leav, NCR's executive vice president, in a press release.
In the past, Grupo Financiero Banamex, the Mexican unit of Citigroup, and Fifth Third Bancorp of Cincinnati have agreed to use Transoft's systems.
NCR believes the overall segment is worth about $1 billion, industry-wide.