ATM services deal closes: Pendum gets sold
June 25, 2008
DENVER — Last month, ATM Marketplace broke the story that cash-strapped Pendum Inc., the nation's largest independent provider of cash-automation and armored-transport solutions, was in negotiations with Bayside Capital, a Miami-based investment firm interested in purchasing a majority ownership in Pendum.
Late June 25, Pendum issued a news release announcing that the deal with Bayside Capital had closed, for an undisclosed purchase price.
Calling it "a major investment" from Bayside, Pendum expects to give Bayside a majority stake in the company, while improving Pendum's financial position and enabling future growth and service enhancements.
As majority owners of Pendum, Bayside will provide financial and professional resources to help upon Pendum's 25-year history of service to financial institutions.
According the release, while Pendum customers will not be affected by the transaction in the short term, the deal enables a number of long-term enhancements across the organization:
- The transaction provides long-term financial stability and liquidity for the company.
- Pendum will be able to invest more aggressively in technology, tools and resources to further improve the speed and flexibility of its customer support teams.
- The company plans to continue to expand its end-to-end mix of products and services, bringing customers more options to improve efficiency and profitability in their operations.
- The change in ownership will ultimately eliminate various legacy companies, allowing Pendum to present a unified brand and more consistent service .
"The financial services marketplace in which we operate is extremely dynamic and intensely competitive," said Mark Hoppe, president and co-founder of Pendum. "Reducing debt and gaining access to capital have been key priorities for Pendum to remain at the top of its field. Bayside gives us the resources we need to continue our growth and build on the unique value proposition we bring to the industry."
Members of the Bayside team will serve on Pendum's board, while Pendum's management team will oversee day-to-day operations.
"Pendum has a winning combination of deep technical expertise, nationwide breadth and a broad service portfolio," said Sean Ozbolt of Bayside Capital. "With Bayside's financial commitment, the company can focus on its core competency of serving customers and will be positioned to become the premier provider in the ATM and armored service industry.
