ATM Manufacturer Triton Moves Into Private Hands
Triton of Delaware, an ATM manufacturer that makes its machines in the U.S. and was formerly a division of the Dover Corp., has been sold to private investors, the company confirmed.
The company had been undergoing a degree of uncertainty after a previous purchase attempt had fallen through. Antitrust issues with the U.S. Justice Department stymied that deal.
Triton, which manufacturers its machines in Long Beach, Miss., began as a manufacturer of primarily retail-based cash dispensing ATMs but has since begun to also manufacturer machines smaller financial institutions such as community banks and credit unions can deploy in their branches.
But Triton CEO Daryl Cornell signaled that the ATM maker will likely retreat a bit from making machines that would compete head to head with machines from firms like NCR and Diebold and focus instead on what he called the firm's "white label, off-premises, ATMs" where it first made its name.
"When Triton was part of Dover Corp., there were certain growth initiatives that saw us try to compete with big ATM manufactures," Cornell said. Triton will continue to make and market the models that financial institutions, particularly community banks and credit unions, have liked but will not try to compete for the Citibank or Bank of America business.
Cornell stressed that Triton's machines remain popular with community banks and credit unions because, he said, their relatively streamlined and inexpensive operating system gave Triton machines a lower operating costs than that offered by rival manufacturers.