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Triton has signed a definitive merger agreement to be acquired by Dover Industries, Inc., a subsidiary of New York-based Dover Corporation, a worldwide manufacturer of industrial products. Dover Corporation has aggressively acquired companies that manufacture everything from trailers to balers. In 1999, Dover spent $599 million to acquire 18 companies. According to Standard and Poor's, Dover "has grown largely as a result of an active, debt-financed acquisition program." In a February of 1999 statement, Dover Corporation President and CEO Thomas Reece elaborated on what his company looks for in its acquisition partners. "We strive to be, and for the most part are, number one in the numerous 'niche' markets we choose to serve." Sales of Dover Corporation's almost 50 operating companies approached $4.5 billion and generated operational profits of $769 million in 1999. Earnings per share from continuing operations increased 31 percent to $1.90 per share in 1999 and have grown at a compound rate of nearly 20 percent for the past five years. Triton, the top provider of ATMs for off-premise locations and number two in overall U.S. ATM sales, will continue to conduct its business autonomously as one of Dover Industries' dozen operating companies. No changes to Triton's business strategies or management will occur as a result of the acquisition. Dover's track record of decentralized management was of particular importance to Triton President Dr. Ernest Burdette. Triton has had other corporate suitors, but most wanted a more direct involvement in the company's business. "Dover is known for its ability to recognize sound investments and nurture them with a hands-off management style and a long-term commitment," Burdette said. "An acquisition of this type offers the best of both worlds to Triton, allowing us to continue to operate as an independent organization, yet with the backing of a highly-successful Fortune 500 company." Burdette, who recently met Dover Corporation's board of directors, said there is a "good cultural fit" between Dover and Triton. He identified Dover's open communication style and lack of bureaucracy as traits common to Triton's corporate culture. The deal will give Triton an infusion of capital to help fund its continuing expansion into international markets, among other initiatives. The UK is one market where Triton intends to make an impact. Plans include opening an office there, though "whether or not we'll do it this year remains to be seen," Burdette said. He believes the UK will serve as a "good base" for entering other European markets. The rest of the continent is "farther down the road" for Triton, although discussions with potential retail partners are already underway, Burdette said. The added capital will also help Triton speed up some of its domestic plans, including a stronger focus on ATM advertising. Triton's primary focus, to date, has been producing advertising-friendly hardware -- but Burdette hinted that the company may expand its role. "We hope to understand, and perhaps play a part, in connecting ATM owners with advertisers," he said. "We believe Triton's track record as an industry pioneer will continue as the company diversifies itself with new products and moves into new markets," said Lew Burns, Dover Industries president and CEO. Another significant result of the acquisition for Triton, according to Vice President of Sales and Marketing Ken Paull, is that Triton will become part of a public company "without having to face the direct quarterly scrutiny of Wall Street." Burdette agreed, noting that Triton considered -- and rejected -- the idea of going public in 1997. "Since then, I've seen companies of our size and even a little larger have difficulties in dealing directly with the market and with analysts," he said. "This way, I can free up some of my time I otherwise might have to commit to that and focus more on running the business." And running the business is important to Burdette, who agreed to remain at Triton's helm as part of the deal with Dover. "I've enjoyed being a part of this organization and this business, and I look forward to being part of it for a while yet," he said.