Diebold Growing Out Of Finance Business
“We’re a fairly conservative company,” Richard Baggot, vice president of Diebold’s Electronic Security and Currency Systems Group told SSN recently. “When we take steps they’re calculated and we have a plan.”
SSN reports that executives at Diebold say the acquisitions are “not just part of the company’s plans to bolster its geographic reach or customer base, but also help the company grow beyond the financial service market.”
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As a case in point, the second largest monitored customer at Diebold’s <?xml:namespace prefix = st1 ns = “urn:schemas-microsoft-com:office:smarttags” />EventMonitoringCenter (which monitors 30,000 customers), is a retail business.
Diebold has also just scored a contract with the United States Postal Inspection Service to maintain and replace electronic security equipment in its 11,000 sites across the U.S.
Meanwhile SSN reports that Tony Manocchio, research analyst with Midwest Research, expects focusing on new markets will be an important part of Diebold’s future.
“I expect to see them make acquisitions they’re not presently in, maybe another product line or service,” Manocchio told SSN. “They’re far and away the clear market leader on the financial side.”
In Australia the Diebold business continues to perform strongly, with success in both big Victorian and NSW markets.