Nautilus Hyosung Inc., an automated teller machine unit of Hyosung Corp. of Seoul, has agreed to purchase a rival, Triton Systems of Delaware Inc., from the conglomerate Dover Corp.
The deal, announced Wednesday, is expected to close this quarter. No price was given.
Chan Park, the president of Nautilus' U.S. division, said in an interview that buying Triton would "help consolidate our global footprint."
Nautilus, which previously made off-premises ATMs for Tranax Technologies Inc., exited that deal and began selling them under its own brand in January of last year.
Sam Ditzion, the president and chief executive of the Boston consulting firm Tremont Capital Group Inc., said Nautilus offered its machines at significantly lower prices than competitors, triggering a price war that ate into Triton's profits.
"Triton was losing a few million every quarter. It had turned into a disaster from Dover's point of view," he said. "Dover concluded they didn't want to be in the business anymore."
