What Armaguard does

Armaguard is the trading name of Linfox Armaguard Pty Ltd, a privately held Australian cash-in-transit and integrated currency management company headquartered at 37 Vaughan Street, Essendon Fields, Victoria, and a subsidiary of the Linfox Group. Founded in 1938 as the Armoured Car Division of Mayne Nickless and acquired by Linfox in 2003, the company completed a merger with Prosegur Australia on 2 September 2023 (approved by the ACCC on 12 June 2023) to become Australia's largest CIT operator, combining armoured logistics, cash processing and reconciliation, ATM network operations, precious cargo transport, and technology services under a single brand.

Its core product is an integrated cash and currency management platform built around four building blocks: (i) Armaguard CIT — armoured collection, delivery, device servicing for ATMs/safes/kiosks/parking meters, discrete P2P cash collection, bank vault management, cash processing, forecasting and reconciliation; (ii) atmx by Armaguard — Australia's largest independent high-street ATM network with more than 2,100 ATMs serving over 23 million cardholders from 16+ financial institution partners including Westpac Group, ANZ, Suncorp, BOQ and multiple credit unions; (iii) sub-brands Jeni (cash envelope deposits via an online portal used at 2,000+ retail locations) and Integrated Technology Services (ITS) providing ATM maintenance, self-service device repairs and robotics; and (iv) Precious Cargo for high-value assets such as diamonds, precious metals, pharmaceuticals, medicinal cannabis, casino property and artwork.

Armaguard's go-to-market is enterprise-direct field sales to major banks, financial institutions, large retailers and ATM deployers, supplemented by the online Armaguard customer portal and call centres (1300 785 258 / 1300 727 585). Revenue is generated through contracted recurring service fees for CIT and technology services, transaction fees across the atmx network and Jeni deposits, and per-service fees for precious cargo. Pricing is governed by an ACCC s87B Undertaking that limits existing-customer price escalation to CPI + 7.5% annually, mandates open-book cost build-up for new customers with a pre-tax margin capped at 10%, and requires third-party access to Approved Cash Centres. The company also holds master security licences across all Australian states and territories and operates across Australia, New Zealand (via ACM Currency Management) and Thailand.

Name

Armaguard

Legal name

Linfox Armaguard Pty Ltd

Website

https://armaguard.com.au

Company type

Private

Founded year

1938

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Armaguard (Linfox Armaguard Group) is Australia's largest integrated cash-in-transit and currency management provider, formed via the 2023 merger with Prosegur Australia. It operates armoured logistics, the atmx ATM network (2,100+ ATMs), Jeni cash deposits, and ITS technology services for major banks, retailers, and high-value cargo customers across Australia, New Zealand, and Thailand.

Ownership category

akta.pro rank

Product category

Cash-in-Transit and Currency Management Services

SIC

Services-Detective, Guard & Armored Car Services (7381)

akta.pro primary industry

Banknote & Cash-in-Transit (CIT) Services (BPAKAIAA)

akta.pro secondary industries

Cash-in-Transit (CIT) & Valuables Transport Services (BPABAMAL), Cash-in-Transit (CIT) & Valuables Logistics Security (IMAIAEAL)

Keywords

• Cash-in-transit services
• ATM network management
• Currency management solutions
• Secure logistics services
• Armoured cash transport

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Cash-in-Transit (CIT) Services: Core revenue stream from secure transport and protection of cash. Services include cash collection and delivery, armoured logistics, device servicing (ATMs, safes, recyclers, kiosks, parking meters), recarry, banking, bank pool movements, and bulk movement of coin and notes. Revenue is generated through contracted pricing with major banks, financial institutions, and retailers. The ACCC undertaking caps price escalation at CPI + 7.5% annually for existing customers.
2. ATM Network Management (atmx): Armaguard operates Australia's largest independent ATM network (atmx), providing fee-free cash withdrawal and deposit services to cardholders of partner financial institutions. Revenue is derived from transaction fees charged to financial institutions for network access and surcharges. The network covers 2,100+ ATMs across metro and regional Australia, serving over 10 million cardholders.
3. Cash Processing and Reconciliation: Complete processing of cash collections including counting reports, discrepancy reports, and settlement reports for enterprise customers including some of APAC's largest enterprises. Also includes cash forecasting services trusted by major financial institutions and ATM networks.
4. Precious Cargo Services: Secure transport and storage of valuable property including diamonds and jewels, foreign currency, mining and precious metals, medicinal cannabis and pharmaceuticals, casino property, artwork, and rare collectables across the Asia Pacific region. Revenue is generated on a per-service basis for high-value logistics.
5. Technology Services (ITS/ATS): ITS (Integrated Technology Services) provides end-to-end technology services including ATM build, install, repair, and management; robotics solutions (AI, cleaning, security, service robots); and PC repairs. Also supports foreign currency ATMs where customers can access 9 different currencies. Revenue is generated through service contracts with major banks, financial institutions, retailers, and small businesses.
6. Jeni Cash Deposit Platform: Jeni is a cash deposit solution using secure envelopes and an online portal. Businesses pay for the service which includes bag collection and change delivery. Used at over 2,000 locations Australia-wide. Revenue model based on per-transaction or subscription fees for the deposit and change ordering service.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Armaguard (Linfox Armaguard Group) is Australia's largest cash-in-transit (CIT) provider, offering secure armoured transportation, collection and processing of cash, ATM network management through atmx (over 2,100 ATMs), currency distribution including Reserve Bank of Australia banknotes, smart safe and Jeni cash deposit solutions, precious cargo transport, and technology services (ITS) including ATM maintenance and robotics. The company operates as part of Linfox Group following its 2023 merger with Prosegur Australia.

Product overview

Armaguard operates as a platform-plus-modules architecture under the Linfox Armaguard Group. The core offering centers on Armaguard Cash in Transit services (armoured logistics, discrete P2P collection, cash processing, vault management, and fleet management), supported by the atmx by Armaguard ATM network and the Jeni cash deposit service. The product portfolio includes Integrated Technology Services (ITS) for technical support and robotics, Precious Cargo for high-value transport, and the High Touch™ antiviral surface protection line. These products work together to provide end-to-end currency management, from physical transport and processing to technology services and ATM network operations.

Differentiator

Problem solved

Functional benefit

Brands

• atmx by Armaguard: Australia's largest high street ATM network offering fee-free cash withdrawals and deposits
• Jeni
• Integrated Technology Services (ITS)
• ACM Currency Management
• Point2Point Secure

Products and services

• Armaguard Cash in Transit Core cash-in-transit services including cash delivery, cash collection, device servicing for ATMs, safes, recyclers, kiosks and parking meters, recarry, banking, bank pool movements, and bulk movement of coin and notes, serving major banks, financial institutions, and retailers across Australia.
• atmx by Armaguard Australia's largest independent ATM network offering fee-free cash withdrawals, balance enquiries, and real-time cash deposits at select locations, serving as a strategic network for financial institution partners and their cardholders.
• Jeni Cash deposit service using secure tamper-evident envelopes with online portal logging, enabling businesses to make deposits without visiting a bank with same-day credit to bank accounts. Deployed at over 2,000 locations across Australia and New Zealand.
• High Touch Antiviral Surface Protection Antiviral surface protection technology using copper nanoparticle-based Nanoshield film that continuously kills viruses and bacteria on high-touch surfaces like ATMs and self-service kiosks, distributed exclusively in Australia and New Zealand.
• Precious Cargo Services Transport and secure storage of valuable property including diamonds, jewels, foreign currency, mining and precious metals, medicinal cannabis, pharmaceuticals, casino property, artwork, and rare collectables across the Asia Pacific region.
• Integrated Technology Services (ITS) Technology services provider offering repairs and maintenance for self-service devices, ATM build/install/repair, robotics solutions (AI, cleaning, security, and service robots), foreign currency ATMs, and PC repairs across Australia.
• Discrete Cash Collection (P2P) Plain-clothes security service using non-armoured vehicles for discrete cash collection from retail businesses, operated via the Point2Point Secure subsidiary.
• Cash Processing and Reconciliation Complete processing of cash collections including counting reports, discrepancy reports, settlement reports, and cash forecasting services trusted by major financial institutions, ATM networks, and large enterprises.
• Bank Vault Management Management of banknote and coin denominations at Armaguard depots across Australia, supplying major banks with currency as needed and operating Approved Cash Centres (ACCs).
• Smart Safe Solutions Secure on-site cash storage solutions partnering with multiple smart safe manufacturers, providing secure cash storage for retail and enterprise customers.
• Robotics Solutions (ITS) Robotic solutions including Artificial Intelligence, Cleaning Robots, Security Robots, and Service Robots for customers across Australia to support employees and handle manual labour in retail and enterprise environments.
• ACM Currency Management Currency management services operated as part of the Linfox Armaguard Group in New Zealand, providing currency management services in the New Zealand market.

Quantifiable outcome

• atmx network covers 2,100+ ATMs across metro and regional Australia, serving 23+ million cardholders from 16+ financial institution partners
• +5 more outcomes

Named customers15 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered flagship / core and core.

• Prosegur Australiaflagship / coreStrategic or Co-development Partner · 2 September 2023Linfox Armaguard and Prosegur Australia completed their merger on 2 September 2023, creating Australia's largest cash-in-transit business. The merger encompasses cash in transit, cash processing, technical services, and ATM networks. ACCC authorised the merger on 12 June 2023. The merged entity operates under the Armaguard branding, with the Prosegur Master Services Agreement continuing as a standard form agreement. The merger secures the future of reliable, sustainable access to cash in the Australian economy and was driven by declining cash usage that made it unsustainable to support two major CIT players.
• P&N Bank and BCU BankcoreChannel Partner/ Reseller/ Distributor · 26 July 2023P&N Bank and BCU Bank joined the atmx by Armaguard network. Cardholders can enjoy fee-free access to cash withdrawals and balance enquiries at over 1,750 ATMs across metro and regional Australia.
• Westpac Group (Westpac, Bank of Melbourne, BankSA, RAMs, St.George Bank)flagship / coreChannel Partner/ Reseller/ Distributor · 17 April 2023Westpac Group signed a long-term agreement with Armaguard to provide fee-free ATM access to 12.7 million cardholders across the entire atmx by Armaguard network. This partnership extended fee-free access to over 23 million Australian cardholders across the atmx network. The Westpac Group includes Westpac, Bank of Melbourne, BankSA, RAMs and St.George Bank brands.
• RACQ BankcoreChannel Partner/ Reseller/ Distributor · 16 April 2023RACQ Bank cardholders gained unlimited fee-free ATM access and balance enquiries at hundreds of atmx by Armaguard branded ATMs. RACQ Bank removed everyday transaction fees from their bank accounts in 2021 and continues to work towards making cash services available at atmx locations.
• Suncorp Bankflagship / coreChannel Partner/ Reseller/ Distributor · 10 October 2022atmx by Armaguard and Suncorp Bank created an industry first by introducing real-time, third-party, cash deposits on offsite ATMs across 6 locations in Queensland, NSW, and Victoria. Suncorp Bank is the first financial institution to offer real-time deposits through the atmx network. Armaguard had been providing cash deposits on Financial Institution devices for many years prior.
• Bank of Queensland (BOQ), ME Bank, Virgin Money, Warwick Credit Union, Orange Credit UnioncoreChannel Partner/ Reseller/ Distributor · 30 November 2021These financial institutions joined the atmx by Armaguard network offering direct charge fee-free transactions to their cardholders across the entire atmx network of over 2,100 machines nationwide.
• Police Credit Union (SA), GMCU, Central West Credit Union, Police Bank Ltd, BNK Banking CorporationcoreChannel Partner/ Reseller/ Distributor · 21 October 2021These credit unions and banks joined the atmx network offering direct charge fee-free transactions to their cardholders, supporting local communities with essential access to cash.
• Suncorp Bank, Horizon Bank, Broken Hill Community Credit Union, Central Murray Credit UnioncoreChannel Partner/ Reseller/ Distributor · 22 September 2021Cardholders from these financial institutions gained direct charge fee-free transactions across the entire atmx by Armaguard network from 23 September 2021.
• Touch Guard Pty LtdcoreStrategic or Co-development Partner · 9 August 2021Linfox Armaguard entered a partnership agreement with Melbourne-based Touch Guard Pty Ltd to distribute High Touch™ antiviral surface protection technology. The deal enables Armaguard to offer High Touch™ Antiviral Surface Protection to banking, retail and convenience sectors for high-use touch points. The Broad agreement also covers Linfox Group's logistics and aviation divisions. High Touch™ uses Nanoshield nanotechnology developed by ASX-listed Nanoveu Pty Ltd, distributed exclusively in Australia and New Zealand by Touch Guard.
• Cuscal (rediATM Scheme)coreStrategic or Co-development Partner · 9 October 2020Armaguard Group completed the purchase of Cuscal's physical ATM assets and took over management and operation of the rediATM Scheme together with all customer-owned servicing contracts. This acquisition was part of Armaguard's strategy to support ongoing essential services of cash distribution to the community and is described as a natural extension of the company's cash supply chain business.
• ANZ (Australia and New Zealand Banking Group)coreChannel Partner/ Reseller/ DistributorANZ is one of 16 financial institution partners with Armaguard's atmx network, providing fee-free ATM access to ANZ cardholders across the atmx by Armaguard ATM network.
• ITS (Integrated Technology Services) / ATSflagship / coreStrategic or Co-development PartnerITS is a market leader in technology services across Australia, acquired by Linfox Armaguard Group in 2004. ITS provides ATM build, install, repair, and management services; robotics solutions (AI, cleaning, security, service robots); and PC repairs. Andy Davies serves as CEO of ITS/ATS, with over 20 years of service delivery and operational expertise.
• Reserve Bank of Australia (RBA)coreOthersThe RBA produces and issues notes and coins in response to public demand. Armaguard distributes Next Generation Banknotes (NGB) on behalf of the RBA, including supporting the rollout of the new $100 note. The ACCC undertaking references RBA-approved Approved Cash Centres (ACCs) and Major Bank Note Pools managed by ACCOs.
• ACM Currency ManagementcoreChannel Partner/ Reseller/ DistributorACM Currency Management operates as part of the Linfox Armaguard Group in New Zealand (acmnz.co.nz), providing currency management services in the New Zealand market.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Loomis AB: Sweden-based global CIT and cash-handling company operating in ~20 countries across Europe, the US, and Latin America. Comparable to Armaguard in core cash management, ATM, and valuables transport services; provides an international peer benchmark for listed CIT operators with mature regulated margins.
• G4S / Allied Universal Cash Services: Global security and cash-handling major. Allied Universal acquired G4S in 2024 and operates a CIT/cash solutions division globally. Comparable to Armaguard in providing integrated guarding, cash logistics, and ATM services to banking and retail customers, particularly across Europe and the US.
• Securitas AB (Cash Handling): Swedish-listed global security services group with a significant cash-handling/CIT division. Comparable to Armaguard as a security-logistics peer with diversified services (security guarding + cash handling + ATM). Provides a broader European-market reference for integrated security/cash services.
• Brink's Company: Global leader in cash-in-transit, ATM services, and valuables logistics. Brink's is the most directly comparable international CIT operator to Armaguard, offering similar end-to-end secure logistics, ATM management, and digital retail solutions across North America, Europe, Latin America, and Asia. Listed on NYSE, providing public-market valuation reference for the private CIT sector.
• NCR Atleos (formerly NCR Corporation ATMs): Independent ATM operator and ATM-as-a-service provider spun from NCR. Highly comparable to atmx by Armaguard as a major independent ATM network operator; both serve financial institutions seeking outsourced ATM deployment and management at scale. Direct competitor in the broader ATM-network-as-utility category.

Direct peers

• Prosegur Cash: Spanish-listed global CIT operator whose Australian unit merged with Linfox Armaguard in 2023. Prosegur Cash remains a direct peer through its LATAM, European, and Asian CIT operations and provides the most direct public-market comp for cash logistics at scale, with overlapping ATM management and valuables services.
• Cash Services Australia (CSA) / NoteMachine Australia: Smaller Australian independent ATM deployer and cash services operator. Directly comparable to atmx and to Armaguard's broader CIT offerings as an alternative Australia-focused ATM and cash management provider; relevant competitor under the ACCC third-party access regime.
• Cardtronics (now part of NCR Atleos): Global independent ATM operator with the world's largest retail ATM network. While now under NCR Atleos, it remains a relevant architectural peer to atmx by Armaguard, given both target financial institutions seeking outsourced ATM placement and fee-free cardholder access at scale.
• Brink's Australia: Australian subsidiary of the Brink's Company, providing cash-in-transit, ATM, and secure logistics services in Australia prior to the Prosegur-Armaguard merger consolidation. Now operating in a market where Armaguard is dominant; useful peer for residual competitive dynamics and third-party access benchmarks under the ACCC undertaking.

Others

• Linfox Logistics (parent group operations): Linfox Group's broader logistics and supply-chain division. While not a direct CIT competitor, it is the parent group and shares logistics and armoured-vehicle capabilities that could be leveraged for synergies. Comparable because of the shared corporate parent and overlapping logistics expertise that informs Armaguard's armoured logistics economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/linfox-armaguard-pty-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Armaguard