OKI Signs Global Alliance Agreement with Nautilus Hyosung in the Financial Sector
November 15 2006 - 8:30PM
Business Wire
Oki Electric Industry Co., Ltd. (TOKYO:6703) today announced it has
signed global alliance agreement with Nautilus Hyosung Inc., the
top ATM (Automated Teller Machine) manufacturer in Korea, for the
global deployment of financial systems. By utilizing the strengths
in both companies, OKI and Nautilus Hyosung will develop and
manufacture financial systems including ATMs and cash processing
equipment, which will be sold in Korea, China and other overseas
markets. �We are proud to announce this collaboration with Nautilus
Hyosung, and together, we will focus on the ATM replacement demand,
expected in Korea,� said Katsumasa Shinozuka, President and CEO of
Oki Electric Industry. �We will also work together to develop new
products, to which OKI, the top ATM vendor in Japan, can contribute
its mechatronic technology strengths. This strategic collaboration
with Nautilus Hyosung will enable OKI to enhance its technologies,
effectively manufacture financial systems including high-quality
multifunction ATMs, and provide the ATMs to overseas markets.�
Nautilus Hyosung is a financial systems integrator from the Hyosung
Group. In addition to being the top ATM vendor in Korea, it also
provides over 80 thousand cash dispensers (CD) to the U.S. market.
OKI, on the other hand, is the top ATM vendor in Japan (based on
installed base), providing them to financial institutions, retail
and convenience stores. OKI was the first company to develop
bill-recycling method for ATMs, which enables to use the deposited
banknotes for withdrawal use. As the Japanese ATM market matures,
OKI who has been providing ATMs to overseas market including China
since the fiscal year ending March 2004, is planning for further
expansion overseas. Korea currently has 90,000 installed ATMs
(including CDs), 40% of which are non-CD ATMs that have cash
recycling functions. This number is growing significantly in Korea,
particularly in commercial bank installations, so the two companies
will focus on the demand for both ATM replacement and new
installations, which is expected to reach 15 thousand units in the
next six months. This demand -- conversion from CDs to ATMs or new
installations of ATMs -- is driven by the issuance of Korea�s new
banknotes which occurred in January 2006, with additional issuance
planned for January, 2007. During the fiscal year ending March
2007, OKI shipped to Nautilus, 5,000 bill recycling modules for
ATMs, which will be sold as ATMs in the Korean market. The two
companies will also develop new products based on OKI�s strengths
in mechatronic technologies such as bank branch systems and cash
processing equipment, which will promote automation and save labor
in over-the-counter work at banks. In addition, they will develop
ATMs for the off-premise market in the U.S., in which Nautilus has
high market share. �OKI and Nautilus Hyosung have been working
together in the bill recycling module for ATMs since April 2006. By
taking this a step further, we will have a stronger collaboration,�
said Pill-Koo Ryou, CEO of Nautilus Hyosung. �While we will be able
to expand OKI�s overseas ATM business with our strong track record
in Korea and in the U.S., Nautilus Hyosung will also benefit by
working with a company with advanced ATM technologies.� About Oki
Electric Industry Co., Ltd. Founded in 1881, Oki Electric Industry
Co., Ltd. is Japan's first telecommunications manufacturer, with
its headquarters in Tokyo, Japan. OKI provides top-quality
products, technologies and solutions to its customers through its
info-telecom system business, semiconductor business and printer
business. All three businesses function as a collective force to
create exciting new products and technologies that satisfy a
spectrum of customer needs in various markets. Visit OKI's global
web site at http://www.oki.com/. About Nautilus Hyosung Inc.
Nautilus Hyosung (NH) is a leading provider of complete solutions,
including hardware, software and services to the financial services
and off-premise markets. Nautilus Hyosung has over 27 years of
experience in the industry, with proven technologies for ATMs and
other self-service products. For more information please visit
http://www.nautilus.hyosung.com Notes: -- Names of companies and
products are trademarks or registered trademarks of the respective
companies and organizations. Oki Electric Industry Co., Ltd.
(TOKYO:6703) today announced it has signed global alliance
agreement with Nautilus Hyosung Inc., the top ATM (Automated Teller
Machine) manufacturer in Korea, for the global deployment of
financial systems. By utilizing the strengths in both companies,
OKI and Nautilus Hyosung will develop and manufacture financial
systems including ATMs and cash processing equipment, which will be
sold in Korea, China and other overseas markets. "We are proud to
announce this collaboration with Nautilus Hyosung, and together, we
will focus on the ATM replacement demand, expected in Korea," said
Katsumasa Shinozuka, President and CEO of Oki Electric Industry.
"We will also work together to develop new products, to which OKI,
the top ATM vendor in Japan, can contribute its mechatronic
technology strengths. This strategic collaboration with Nautilus
Hyosung will enable OKI to enhance its technologies, effectively
manufacture financial systems including high-quality multifunction
ATMs, and provide the ATMs to overseas markets." Nautilus Hyosung
is a financial systems integrator from the Hyosung Group. In
addition to being the top ATM vendor in Korea, it also provides
over 80 thousand cash dispensers (CD) to the U.S. market. OKI, on
the other hand, is the top ATM vendor in Japan (based on installed
base), providing them to financial institutions, retail and
convenience stores. OKI was the first company to develop
bill-recycling method for ATMs, which enables to use the deposited
banknotes for withdrawal use. As the Japanese ATM market matures,
OKI who has been providing ATMs to overseas market including China
since the fiscal year ending March 2004, is planning for further
expansion overseas. Korea currently has 90,000 installed ATMs
(including CDs), 40% of which are non-CD ATMs that have cash
recycling functions. This number is growing significantly in Korea,
particularly in commercial bank installations, so the two companies
will focus on the demand for both ATM replacement and new
installations, which is expected to reach 15 thousand units in the
next six months. This demand -- conversion from CDs to ATMs or new
installations of ATMs -- is driven by the issuance of Korea's new
banknotes which occurred in January 2006, with additional issuance
planned for January, 2007. During the fiscal year ending March
2007, OKI shipped to Nautilus, 5,000 bill recycling modules for
ATMs, which will be sold as ATMs in the Korean market. The two
companies will also develop new products based on OKI's strengths
in mechatronic technologies such as bank branch systems and cash
processing equipment, which will promote automation and save labor
in over-the-counter work at banks. In addition, they will develop
ATMs for the off-premise market in the U.S., in which Nautilus has
high market share. "OKI and Nautilus Hyosung have been working
together in the bill recycling module for ATMs since April 2006. By
taking this a step further, we will have a stronger collaboration,"
said Pill-Koo Ryou, CEO of Nautilus Hyosung. "While we will be able
to expand OKI's overseas ATM business with our strong track record
in Korea and in the U.S., Nautilus Hyosung will also benefit by
working with a company with advanced ATM technologies." About Oki
Electric Industry Co., Ltd. Founded in 1881, Oki Electric Industry
Co., Ltd. is Japan's first telecommunications manufacturer, with
its headquarters in Tokyo, Japan. OKI provides top-quality
products, technologies and solutions to its customers through its
info-telecom system business, semiconductor business and printer
business. All three businesses function as a collective force to
create exciting new products and technologies that satisfy a
spectrum of customer needs in various markets. Visit OKI's global
web site at http://www.oki.com/. About Nautilus Hyosung Inc.
Nautilus Hyosung (NH) is a leading provider of complete solutions,
including hardware, software and services to the financial services
and off-premise markets. Nautilus Hyosung has over 27 years of
experience in the industry, with proven technologies for ATMs and
other self-service products. For more information please visit
http://www.nautilus.hyosung.com Notes: -- Names of companies and
products are trademarks or registered trademarks of the respective
companies and organizations.