News

Diebold, InnoVentry agree to $100 million deal

April 9, 2002

NORTH CANTON, Ohio - Diebold Inc. will supply a minimum of $100 million in equipment for InnoVentry Corp.'s expansion of its automated financial service kiosks.

San Francisco-based InnoVentry, which has already deployed more than 900 of the trademarked "RPM" check cashing machines in a variety of retail stores, plans to expand its network dramatically. Last week it announced it had closed a $253 million round of funding, and also recently completed an agreement to place 1,500 of its machines in grocery stores operated by The Kroger Co.

Diebold said it had become the exclusive supplier of the RPM machines in a deal set to last three years, or until $100 million in Diebold equipment is sold, whichever comes later. Last November, InnoVentry awarded Diebold a lease agreement for 1,400 machines, but that total is not included in the new deal.