World’s No 1 ATM Company Goes it Alone

NCR Corporation has successfully completed its planned separation into two publicly traded companies. NCR Atleos, which began trading on the New York Stock Exchange on 17 October under the symbol NATL, has carved out the ATM and self-service banking part of NCR, whilst NCR Voyix is responsible for digital commerce.

‘Today marks the first day as Atleos. We launch our new company from a position of market leadership and unwavering focus on our customers. I am confident we will continue to lead and transform the ATM industry’, said Atleos CEO Tim Oliver.

Atleos describes itself as a service- led foundational ATM business with a robust software stack and leading hardware position. It has an installed base of over 1.9 million ATMs across 140 countries, 600,000 global devices under management, and owns and operates its own network of 80,000 surcharge- free ATMs.

The company’s projected revenue for 2023 is $4.4 billion, an increase of 18% over 2022, of which £3 billion is recurring, driven by long-term contracts, subscriptions and transaction volumes. Projected EBITDA is $800 million, and an 18% margin.

40% of revenues are from services, followed by 29% from network transactions, 22% from hardware and 9% from software. 55% of its revenues and 80% of its 20,000 employees are based outside the US.

The objective over the next four to five years is to grow revenues to $5.5 billion, to increase the proportion of recurring revenue to 80%, and to deliver EBITDA of $1.4 billion and a margin of 25%.

NCR has also announced a strategic investment in Clip Money, and embarked on a on a long-term ‘firmware exclusive, commercial collaboration’.

Clip Money, which won last year’s Best CashTech Start-Up Award, has developed an app-based technology and network that enables businesses to deposit money in universal devices in convenient locations such as shopping malls, regardless of with whom they bank and without having to visit the bank.

The partnership will combine Clip Money’s business cash deposit solution with NCR’s cardless cash deposit application programming interface (API) and cash in network, said the company. and expand its services – now available at some 400 locations – to NCR’s 2,500+ operating sites.