News

BREAKING: Efmark announces new name, new CEO

October 5, 2006

Since Efmark Premium Armored and Bantek West announced their merger in January, the industry has anxiously awaited the release of the new entity's name. On Oct. 4, two weeks after the company announced the appointmenet of its new chief executive, Wayne Robinson (Read also, Robinson named Efmark-Bantek chief executive), the former Efmark-Banteck unveiled its new name.

The new name, Pendum Inc., will represent brand and identity, Robinson said in the Oct. 4 announcement release. The company is expected to showcase its new brand name and image Nov. 14-16 during BAI's Retail Delivery Show & Expo in Las Vegas. (The company's new Web site is www.pendum.com.)

"The launch of a single brand identity is an important milestone for two formerly separate companies, as it marks the final phase of merger integration and opens a new chapter of growth and performance improvements," Robinson said. "This is a time of great opportunity for our company and the industry we serve, and we are truly excited about the bright future ahead."

The name "Pendum" accurately describes the company's mission, says company spokeswoman Pam Hoy. It originates from the Latin words "pendo," meaning value, and "unum," meaning one. The spirit of the name is reflected in the company's service philosophy and trademarked tagline, "The Value of One."

All iterations of the Efmark Premium Armored, Bantek West, and The Wilson Group, a Bantek subsidiary, names and logos will be phased out. According to the company, all services from the combined entities will be marketed and sold solely under the Pendum brand.

Announcing the new name shortly after Robinson's introduction wasn't accidental. Pendum is banking on Robinson -and a new name will only help the company's strategy from this point forward as it strives to imprint its new identity on the market.

"What Wayne brings to us is a vision for strategic growth," Hoy said. "When companies are growing rapidly like Efmark and Bantek did, they don't have time to really plan and think about product development. So he can help us there. He comes from experience of planning for growth."

From then to now

The former Efmark-Bantek is the nation's largest independent ATM service company. It has a presence in 43 states, where it services more than 100,000 ATMs. And the company is looking into expanding its business beyond ATMs, in areas such as cash-dispense.

"To date, we've been extremely ATM-centric, and like many companies in our space, we recognize that the ATM market is mature," Hoy said. "It's time to take our expertise and our abilities and national presence and apply them to areas that make sense. That's why we're looking at cash-dispensing technologies as well as other opportunities. We're already in 43 states. We can already service customers of any size, and our technicians have expertise in that space, so it makes sense for us."

Pendum expects to redefine itself by introducing new products and services, and leveraging its expertise in markets beyond traditional financial institutions. The company has a growing presence in the gaming and retail industries, providing armored service and maintenance for transaction terminals used in casinos, grocery stores, and other public facilities.

And Robinson, with experience in the merger and acquisition space and a successful track records with big-name corporations like General Electric and Boston Consulting, is expected to help the company move forward by expanding its offerings and keeping a close eye on the bottom line.

Robinson's initial goal is to complete the integration of the companies, Hoy said. Mark Hoppe, Fred Wich and Leif Houkom, executives of Efmark and Bantek,will stay onboard in an advisory capacity. Specific roles for the three former heads have not yet been aligned, and are expected to change by the end of the year. For now, Hoppe will focus on services, Houkom will focus on armored, and Wich will support Robinson with strategic legal and integration efforts (Read also, A sit down with Fred Wich, member of Efmark-Bantek's executive committee).