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Cardtronics Expands Operations With Acquisition
August 8, 2012
Cardtronics Inc.'s Cardtronics USA Inc. subsidiary acquired all of the assets of ATM Network Inc. yesterday. Terms of the deal were not disclosed.
According to Houston-based Cardtronics, included in the acquisition were ATM Network's merchant contracts, customer relationships, online store, web properties and its Minnesota-based office. ATM Network's management team and employees will now join Cardtronics.
Steve Rathberger, Cardtronics' CEO, said ATM Network's assets provide a great complement to its existing independent merchant ATM business.
"A year ago, we acquired Access to Money, bringing a new level of scale to our merchant own-and-load business. This move complemented our high-profile ATM placement and bank branding model, which has made Cardtronics so successful," Rathberger added. "This year, we've strengthened our commitment to the merchant line of business by acquiring the assets of the premier merchant own-and-load operation in the market today, ATM Network."
Cardtronics increases with this acquisition an already-sizable presence in the ATM market, and demonstrates the scale and importance that large, independent ATM networks have in the market.
Consumers may be surprised to know that less than a quarter of ATMs in the U.S. are associated with large banks. The rest belong to other networks, including many that are part of surcharge-free ATM networks.
to read more from CSNews.
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