News

Diebold completes sale of electronic security business

Net proceeds from sale represent 'an important component' in the company's pending business combination with Wincor Nixdorf.

February 1, 2016

Diebold Inc. has announced the completion of its previously disclosed agreement to sell the company's North America-based electronic security business to Securitas AB, a Swedish company.

According to a press release, Securitas purchased the business from Diebold for approximately $350 million, 10 percent of which is contingent upon the successful transfer of certain customer relationships to Securitas.

The acquired business will operate under the company name Securitas, with the brand transition from Diebold planned to be complete by the end of 2016.

The companies also agreed to a strategic business alliance in which Securitas will serve as Diebold's preferred supplier for electronic security solutions in North America, and Diebold will be Securitas' preferred provider of ATM-related solutions and services.

Diebold and Securitas have entered into a one-year transition services agreement, effective immediately, to ensure a seamless customer experience. The agreement allows Securitas to leverage existing Diebold services, systems and physical assets to fully support its customers during the transition.

"We are pleased to finalize the divestiture of our North America electronic security business, marking an important milestone in Diebold's transformation and allowing us to better focus our efforts and resources," said Diebold President and CEO Andy W. Mattes.

Mattes said the sale was "an important component" in the financing for Diebold's pending business combination with Wincor Nixdorf.

Included In This Story

---

Diebold Nixdorf

As a global technology leader and innovative services provider, Diebold Nixdorf delivers the solutions that enable financial institutions to improve efficiencies, protect assets and better serve consumers.

Request Info

Learn More