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BREAKING: Diebold to buy ATM maintenance unit of Genpass

February 27, 2006

NORTH CANTON, Ohio - Diebold Inc. signed a deal to purchase Genpass Service Solutions LLC, according to a news release issued Feb. 28.

An independent, third-party ATM maintenance and service provider, GSS was a wholly owned subsidiary of Genpass Inc., an ATM, EFT and debit-processing service provider that was purchased by U.S. Bank in May 2005. (Read also, Genpass' sale was no big surprise.)

As a result of the planned acquisition, Diebold will provide service for approximately 6,000 ATMs in 34 states, in addition to ATMs Diebold is already contracted to service throughout the country.

"Throughout Diebold's history, a strong service commitment to customers has guided our business," said Chuck Ducey, Diebold's vice president of global development and services. "Acquiring Genpass Service Solutions illustrates our dedication to providing our financial customers with the best service in the industry. This new addition to our service organization will enable Diebold to add nearly 100 highly skilled service professionals to our service team. This continued growth of industry knowledge will benefit each and every Diebold service customer."

An associated agreement between Diebold and U.S. Bancorp ($209 billion in assets), the sixth-largest financial services holding company in the United States, extends Diebold's service contract with its U.S. Bank subsidiary. The agreement renews Diebold's maintenance contract with the bank for a period of five years and contracts Diebold to provide service to more than 7,100 ATMs for U.S. Bank across the U.S.

Janet Estep, U.S. Bank's executive vice president of transaction services, said Diebold's acquisition of GSS makes strategic sense.

"We have had long-standing relationships with companies, including Diebold, to conduct the hardware servicing aspect of our ATM business, so it makes sense that we would continue to use our outside partners to provide that service following our acquisition of Genpass," Estep said. "Diebold is an ATM servicing leader in the financial industry, and its acquisition of the ATM maintenance side of Genpass is a good fit."

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