Banking technology firm Cennox has announced a deal to buy the European division of 3SI Security Systems, with a view to expanding its hardware, software and security provision. It follows an international upward trend in consumers making transactions using automated teller machines (ATMs).
The acquisition, announced on Wednesday, will mean all of 3SI's European employees, its Brussels-based head offices and supporting infrastructure will join the U.K.-headquartered cash machine maker with immediate effect.
"Cennox has enjoyed an excellent working relationship with 3SI. Our acquisition of the European division of 3SI Security Systems is also great news for our new colleagues and customers across Europe already accessing these products," Cennox's CEO Clive Nation said in a statement on Tuesday.
What has been happening to ATMs?
The deal comes more than a year after Cennox began an agreement to distribute products for the security company across the U.K. and Ireland.
3SI produces cash and asset protection systems and GPS tracking technologies to recover stolen cash and high-value assets, apprehend criminals and prevent them from destroying ATMs.
"3SI Security Systems has been a crucial supplier of products that have delivered real, tangible results in the protection of ATMs and bank notes," Stuart Dowling, marketing director at Cennox told CNBC via email.
"With numerous successful apprehensions and convictions achieved through their deployed tracking products, to critical interventions that stop criminals from blowing up the machines."
The acquisition of the banking security business comes less than a month after Cennox acquired the British and Irish divisions of ATM maker Diebold Nixdorf.
Upward trend in ATM transactions
World Bank data has shown that the use of ATMs has risen by 155 percent, from an average of 15.89 per 100,000 adults in 2005 to 40.53 per 100,000 in 2015.
"As cash is still hugely popular with so many people, ATMs have continued to develop in line with other technological advances in finance," Cennox's marketing director said.
"However, as is the case with almost all technologies, ATMs continue to face growing security challenges, with evolving threats and criminal techniques improving all the time."
He added: "Cash still plays a huge role in consumer spending, and Cennox is proud to be championing the continued importance of this sector."