Teknon, Inc. was founded in 1983 by Vernon Reynolds, President and CEO. Vernon left his position
as data processing manager with a large equipment manufacturing company to address the needs of
small businesses in data processing management consulting and custom systems design.
The PC market was in it's infancy and many small businesses were struggling with CPM and other
equally aging systems. Right from the beginning, Teknon was showing profits but with the severe
down turn in the economy in 1984 it soon became apparent that Teknon needed it's own product and
market niche. Finding a niche wasn't easy. Finding one that wasn't already overloaded with low cost
systems was even harder.
Through sheer coincidence, and a chance meeting with a pawnbroker who wanted to computerize his
operation, the concept of PAWNDEX was born. At first it seemed ludicrous to consider putting computers
in pawn shops but on closer inspection the enormous quantity of paperwork and needless redundancy made
it clear. This was just what the company was looking for. A brand new vertical market for PC's!
By 1985, the first system was sold and in use in Oklahoma City. But that didn't spell immediate success.
Pawnbroker's were just beginning to think about becoming modernized. There was a national organization
for pawnbrokers but it wasn't too widely accepted by the shop owners. And did they readily accept the
idea of computers running their businesses? Not at all!
So the next two years were spent educating the prospective customers on the advantages and cost
effectiveness of computers. No easy task when you're trying to replace a 25 cent cigar box with
an $8000 computer system! In 1986 a movement began nationwide to enhance the image of the pawnbroker
and unite the shop owners in state and national organizations to further promote their industry and
improve legislation for their customers and businesses.
There are now over 700 Pawndex installations all over the United States and Canada. Pawn shops come
in all shapes and sizes. Each one takes on the personality of the owner. For instance, some shops are
oriented more to musical instruments, where another may specialize in jewelry or guns.
Like most industries, there are the chain stores owned by corporations. Some are publicly held
corporations traded on the stock exchange. However, most are privately held corporations and many of
these are family owned and operated. We have both corporate chain stores and privately owned shops in
our customer base and PAWNDEX easily handles the increased work load.