NASHVILLE, Tenn. — Change, adaptability and growth are themes the ATM industry talks about quite a bit these days. At the ATM Industry Association's annual U.S. conference, those themes are exhibited at every booth and highlighted during every lecture and presentation.
Aron Ralston, the rock climber who in May 2003 amputated his arm to survive a climbing mishap that kept him pinned by a boulder for several days in the desert, opened the conference yesterday with a riveting speech about survival in impossible situations. His was a message many ATM players have taken to heart, as the global economic recession is collecting its toll on every corner of the financial-services industry.
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| The Tranax c4000 with a new digital topper that displays dynamic advertising content. |
But for some companies, the tight economic times show opportunity. Tranax Technologies Inc. is one of them.
After a financially draining three years, during which Tranax and former partner Nautilus Hyosung split ways, Tranax has changed ownership, leadership and its product-line focus. It's been a metamorphic transition that few companies could survive. But Tranax's Bill Dunn says it's a transition that has saved this once dominant off-premises ATM provider in the United States.
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Changes at the top
Since Oct. 1, when South Korea-based Eltna Corp. bought the company, former Tranax chief executive Dr. Hansup Kwon and his wife and company co-founder Heemook Kwon have left. Eltna Corp.'s CEO, Won-Gee Lee, has taken the helm of Tranax, and Eltna partner and co-owner Michael Suh has been seated as Tranax's chief financial officer.
Jeffrey Lee, Tranax's former head of marketing, is expected to leave, and Dunn has assumed a more active role in the overall management of U.S. operations, sales and marketing.
For Dunn, the change is positive, and one he believes will position Tranax to reassume a stronger position in the U.S. retail ATM market.
"For Tranax, the focus is now on the retail market," Dunn said. "And the plan is simple: We're going to build the best retail ATM and offer the best support."
Building back the company's reputation, he says, will hinge on selling equipment that works.
Tranax has about 60 active distributors, down from the 150 it had before its break from Nautilus Hyosung. Dunn says he expects Tranax's U.S. distributors to increase, as many are looking for ATM-buying options.
"My goal is to get 30 percent of the retail market," Dunn said. "At one point we had been No. 1, so I don't think 30 percent is unrealistic."
But times have changed, and other market entrants, such as Wincor Nixdorf, also are laying a claim on the retail space. With its ProCash 1500, Wincor garnered attention on the show floor from independent sales organizations like Global Axcess Corp., which owns the Nationwide Money Services ATM business. CEO George McQuain said the 1500 was the one of the most attractive ATMs he saw yesterday.
Tranax, however, also has some new ATM guns, including its new through-the-wall ATM, expected to hit the market in March, and enhancements to its exiting c4000 line, which includes a digital-signage topper option. And with a stronger focus on EMV-upgrades for the Canadian market and check-imaging equipment for stand-alone imaging applications at retail locations, Dunn says Tranax has positioned itself well as a company that can respond quickly to the market's need for customized solutions.
"We have products and enhancements displayed in our booth that we only started talking about in October and November, when Won-Gee Lee bought the company," he said. "Eltna responds quickly, and Won-Gee Lee is allowing Tranax to listen to the market."
