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Sponsored by:1/11/07 - Tracy Kitten
After nearly a year of negotiation and industry speculation, Fremont, Calif.-based Tranax Technologies Inc. and Seoul, Korea-based Nautilus Hyosung Inc. have agreed to part ways.
The two companies announced their severance Jan. 10.
Tranax and Nautilus Hyosung had worked together since 1998. Tranax served as Nautilus Hyosung's North American ATM distributor.
Nautilus Hyosung says it plans to begin selling directly to the U.S. retail ATM market by February, but the company did not go into further detail about the split.
Hansup Kwon, founder and chief executive of Tranax, said the deal termination is related to the two companies' desire to take greater control of their respective products in the United States.
"The partnership between Tranax and Nautilus Hyosung has served both companies profitably and well," Kwon said. "It provided Tranax with a strong manufacturing partner with which to enter the U.S. retail ATM Market. It gave Nautilus Hyosung a partner that understands how to design a high-value product for the U.S. market backed up by a high level of service and support. But now it's time for Tranax to take greater control of its own products and destiny."
Kwon said the decision to part is not expected to have an impact on the availability of equipment, parts or production.
Striking out on its own
In 2005, Tranax introduced the Mini-Bank 4000 line and its new Check Cashing Self-Service Terminal. The 4000 marked Tranax' foray in ATM manufacturing and the Check Cashing terminal marked its entrance into the self-service terminal space. (Read also, Tranax makes strategic move, strikes out on its own.)
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