The Brink's Company

The Brink's Company, a global provider of cash logistics and security services with approximately $4.2 billion in revenue (2021), faced a strategic challenge: its core Cash and Valuables Management (CVM) business — armored truck transport of cash between banks, retailers, and ATMs — was a mature, capital-intensive, and lower-margin service. Secular trends toward digital payments threatened long-term cash transport volumes. However, Brink's identified that the ATM network and retail cash ecosystem still required significant infrastructure management. The opportunity was to shift the revenue mix from commodity cash transport toward higher-margin, technology-enabled recurring revenue services: ATM Managed Services (AMS) and Digital Retail Solutions (DRS). These services represented less than 15% of company revenue in 2021.

From 2021 through 2024, Brink's executed a deliberate product mix shift strategy, investing in technology-enabled recurring revenue services while maintaining the cash transport base. Key actions included:

• ATM Managed Services (AMS) expansion: Built end-to-end ATM lifecycle management capabilities — including cash forecasting, first-line maintenance, monitoring, and cash replenishment — allowing bank and credit union clients to outsource their entire ATM operation to Brink's rather than just the cash delivery.
• Digital Retail Solutions (DRS) deployment: Rolled out smart safe technology and cash management solutions for retailers, providing real-time cash visibility, automated counting, and provisional credit. This converted a one-time cash pickup into a recurring technology-and-service bundle.
• Sustained organic investment: Achieved organic growth of 23% in AMS/DRS in 2024, building on 25% organic growth in prior periods. The CVM base grew at a solid 9% organically, demonstrating that the digital pivot supplemented rather than cannibalized the traditional business.
• Revenue quality improvement: Shifted AMS/DRS from less than 15% of total revenue (2021) to over 23% by Q3 2024 and over 25% by Q1 2025, systematically increasing the proportion of recurring, technology-enabled revenue.