STRATEGIC PARTNERS
May 6, 2002
DALLAS and MARLBOROUGH, Mass. -- Convenience store chain 7-Eleven (NYSE:SE) has entered into a strategic alliance with technology firm Cyphermint Inc. to provide software systems for its Vcom financial services kiosks.
Under the agreement, Cyphermint's Pay Cash System technology will be utilized for a variety of information and advertising functions, including event ticketing, lottery results and online shopping. Cyphermint will also develop a series of third-party ads and e-commerce services for 7-Eleven, which reportedly will roll out more of the kiosks in June.
7-Eleven has deployed 94 of the Vcom kiosks, which provide ATM services, money order and money transfers, check-cashing and telecommunications services, in Texas and Florida. Its partners on the Vcom project include Verizon Communications, Western Union, American Express and Certegy Check Services.
"Our alliance with Cyphermint enhances the value of Vcom by providing a convenient way for more people to use or purchase e-commerce products and services," Jim Keyes, 7-Eleven president and chief executive officer, said in a news release.
According to previous press reports, 7-Eleven eventually plans to roll out 3,500 of the kiosks.
