A year after a failed merger with Nautilus Hyosung, ATM manufacturer Triton Systems — maker of the popular Triton RL1600 — has been sold.
Triton Systems of Delaware was recently purchased from the Dover Corp. by a group of private investors for $7.5 million.
Triton Systems president and CEO Daryl Cornell says the new owners have expressed confidence in their ability to continue to grow the company.
“The only real change is the end of the uncertainty surrounding Triton during the protracted sale process,” Cornell said. “We believe that this sale was the best possible outcome for Triton, its customers, its employees and the community.”
The company will maintain a strategic partnership with the publicly held Dover, but does not plan a public stock offering of its own.
Cornell says Triton’s continued partnership with Dover had its advantages. But being a privately held will allow Triton to explore otherwise unavailable opportunities and partnerships.
The company will not seek a public offering, either, Cornell says. Such a move would allow Triton access to equity markets, but would be too cost prohibitive in the end.
In the short term, no major changes are expected, and no executive departures were announced.
