News

UK cash management firm aims to recoup losses with sale of ATM operations

July 15, 2016

London-based G4S, a provider of end-to-end cash management and secure cash transit, has agreed to sell its ATM service business to IBM according to a report by the U.K. daily, The Telegraph.

The sale is part of an effort by G4S to recoup losses on government contracts that have cost the company 265 million pounds ($347 million) over the past two-and-a-half years.

The company's engineering division currently services approximately 6,000 ATMs and cash recycling devices and turns in revenues of approximately 23 million pounds ($30 million) annually, the report said.

Some G4S staff will shift to IBM, but while IBM will own the division, G4S engineers will continue to service the machines on behalf of the IT giant, the report said.