Diebold has agreed to sell its campus card business to The CBORD Group Inc. out of Ithaca, N.Y. The sale price will be around $38 million.
The campus card business is involved in both electronic access control as well as electronic payments, and other campus services. The company's primary product is their software, which allows for tracking of personnel assignments and fee assessments. It was estimated that this division brought Diebold $24 million in revenue last year.
According to Walden O'Dell, Diebold's CEO, the sale will allow Diebold to focus back on security.
"The sale of the campus card operation will allow our security business to dedicate its focus on global expansion and higher margin services in the financial, government, retail and commercial markets," said O'Dell. "During the past few years, we've transformed the campus card business from an operation with performance issues into a very solid business. These efforts created significant value for our shareholders."
He added that the two companies will likely work together in the future on integrated projects involving card systems and security systems.
A statement from Diebold added that the 140 people previously employed by Diebold for the card systems will be offered positions with CBORD if they so choose.