A cash automation technology company based in Mebane, North Carolina, has raised $14 million in a private equity offering, according to a filing Friday with the Securities and Exchange Commission.
ARCA Holdings Inc. raised the money from 10 investors, according to the filing.
The company has developed technology that is used in financial institutions, retail stores, and self-service kiosks around the world.
Its cash recycler, for example, is a machine that frees up tellers from counting cash. It also has cash recycling, dispensing, and deposit systems; coin products, such as coin accepting and dispensing systems; check scanning systems; and card and PIN pad products.
Its founder and chief executive officer is Mort O’Sullivan, who was taking courses in brewing and distilling at Heriot-Wall University in Scotland when he was asked to become a distributor of cash dispensing equipment for a large financial services company. He started the company in 1998.
The company now has 450 employees and annual revenue of more than $125 million. ARCA is Latin for cash box.
Private companies similar to ARCA, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.