Level Four plans to use the capital to accelerate its development activities and support its global expansion plans.
The company’s flagship product, the ATM Channel Development Suite, consists of integrated modules designed to enable fast deployment of new ATM functionality and end-to-end testing of ATM networks.
To date, ATM software has been proprietary, inflexible, time-consuming and expensive to deploy, said Henry Sallitt, director at Quester. With increasing pressure from the banking sector to support the move to open standards, there is now a clear market opening for a more modern approach to developing and deploying new ATM applications.
As part of the agreement, Sallitt will join Level Four’s board of directors.
According to Level Four, open standards, such as IFX, are creating new technical and business models within the ATM industry. The firm believes the investment by Quester will help it keep pace with these new developments, as new web-based technologies and distributed architectures seem likely to replace the traditional onboard applications provided by previous ATM manufacturers.
