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InnoVentry and Diebold announce strategic alliance
SAN FRANCISCO -- InnoVentry Corp., developer of an advanced automated check cashing machine, today announced that it has established a strategic alliance with Diebold, Incorporated, a leading manufacturer and distributor of automated teller machines (ATMs). Elements of this agreement include a contract under which Diebold will integrate, install and service InnoVentry's new RPM Cash Management Machines in key target markets in the United States. Additionally, the two companies have agreed to work together to pursue additional markets. "There's a convergence of interests between InnoVentry and Diebold that made this alliance a logical next step," said Toni Portmann, a corporate vice president in the western division of North American Sales and Service, for Diebold. "We see this as a way to align our companies to meet significant market demand for adding operational efficiency in bank lobbies or for providing total financial-services solutions for self-banked consumers in retail locations across the country." InnoVentry's RPM has been developed to provide secure financial transactions for the "self-banked" -- the 37 million-plus adults in the United States who do not have bank or checking accounts or maintain only nominal balances in the accounts they do hold. The RPM consists of Diebold's advanced-function, 1062ix automated teller machine and InnoVentry's cash management technology. "We believe a relationship of this magnitude and at this level secures Diebold's commitment to our business strategy," said Frank A. Petro Jr., chairman and chief executive officer of InnoVentry. "Combining our market knowledge and strategy with Diebold's technical know-how, will enable us to deliver machines to bank and retail partners cost effectively," he added. InnoVentry has secured commitments for 1,500 sites for its new RPM with major convenience store and supermarket retailers. The company was formed in May 1998 as a private company with investments from the wholesale bank of Wells Fargo & Co. and Cash America International, Inc.
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