Joint Venture Cooperation Agreement Signed between Inspur Group & Diebold
Release time： 2016年01月21日
On the morning of January 19th, Inspur Group and Diebold (NYSE: DBD) held a joint venture cooperation signing ceremony on establishing a brand new joint venture named Inspur Financial Technology Service Co., Ltd. (hereafter referred to as "the joint venture "). Sun Pishu, Board Chairman and CEO of Inspur Group and Andy W. Mattes, President and CEO of Diebold, attended the signing ceremony.
With rapid development of global financial service industry, the domestic ATM market will have stable double-digit growth for several years to come, reaching a scale of several billion RMB. In order to integrate resource advantages of R&D, production and sales, the two parties join hands in strength for a win-win cooperation, to further expand the Chinese market, thereby providing Chinese clients with a host of financial self-service terminals and solutions. Diebold will act as the exclusive overseas selling agency of the joint venture by making optimal use of its well-connected distribution channels across financial markets worldwide, to expand sales volume of myriad products. Inspur Group will hold at least 51% of shares of the joint venture.
As per the agreement, this cooperation will mainly focus on the financial industry with a product line extending from cash products, non-cash products, to bill products, etc. In the future, the joint venture’s products will cater to clients such as state-owned banks, joint-stock banks, city commercial banks, rural credit cooperatives, etc., providing them with excellent financial products and services, both at home and overseas.
Established in 1945, Inspur Group is a local leading developer of IT hardware and software, cloud computing, Big Data and self-service terminal provider. Inspur’s cloud computing equipment such as the critical application host K1, other industrial solutions and self-service terminals, etc. have provided extensive support for China’s financial industry. Diebold is one of the largest self-service product supplier across the world and has devoted itself to the Chinese market with high quality products and services for nearly 30 years, catering to a large number of clients both at home and overseas, such as ICBC, ABC, BOC, CCB, BOCM, CEB, China CITIC Bank, CGB, rural credit cooperatives, local commercial banks, etc.
Sun Pishu, Board Chairman and CEO of Inspur Group, stated: "The security of financial information system is concerning national economic order and security importance. Inspur provides not only fundamental equipment for cloud computing but also self-service terminal products and solutions for the financial industry. By virtue of cooperation with Diebold, Inspur will provide more support to the whole business chain of the financial industry. The joint venture will be of huge value to clients as well as business development of both parties involved."
"The collaboration with Inspur Group will strengthen relations between us and our Chinese clients, as well as tie in with Diebold’s market strategy in China." Andy W. Mattes, President and CEO of Diebold, stated: "We are very happy to establish a comprehensive and collaborative relationship with Inspur, in terms of self-service terminal products and other relevant services. We also look forward to restarting the growth engine in the Chinese market."
In order to support Diebold’s ‘service oriented’ market positioning, Inspur will become a shareholder of Diebold Financial Equipment Co., Ltd. (an existing joint venture of Diebold) in China. This company will concentrate on end to end services in the future, such as installation, maintenance and professional services related to ATM machines, other automatic transaction programs, as well as business process outsourcing.