Infotech Lead America: NCR Corporation has acquired Transoft International, a provider of cash cost optimization software for financial institutions and retailers.
As part of the acquisition, NCR will integrate Transoft’s software and SaaS-based product suite and employees into its Financial Services line of business.
The strategic investment is aimed at strengthening NCR’s cash management offering.
NCR did not disclose terms of the deal.
Transoft’s 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.
Cash management represents a $1 billion segment for integrated technology hardware, software and services solutions.
“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,” said Peter Leav, executive vice president, NCR.
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.
“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,” said said Bo H Holmgreen, president and CEO, Transoft.
Recently, IDC said 9 percent of retailers across key markets in Asia/Pacific are evaluating the adoption of some form of cloud computing services. Cloud deployment is on their priority list. 32 percent of the respondents are considering implementing cloud in the next two to five years.