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Cardtronics extends ATM vault cash agreement with Wells Fargo
July 24, 2010
Cardtronics Inc. has extended its contract with Wells Fargo N.A. to supply vault cash to ATMs deployed in 7-Eleven, Inc., stores, according to a recent filing with United States Securities and Exchange Commission.
Wells Fargo, which is based in San Francisco, will provide funds until July 20, 2012, to ATMs and advanced functionality kiosks deployed with the Dallas-based company, which is the world's largest convenience-store chain based on the number of retail outlets.
Cardtronics purchased 5,500 ATMs and kiosks for $135 million from 7-Eleven July 20, 2007. At the time of the deal, the Houston-based ATM independent sales organization signed a separate agreement with Wells Fargo to supply ATM cash.
Since the purchase three years ago, Cardtronics has grown to 6,000 the number of ATMs and kiosks deployed within 7-Eleven stores throughout the U.S.
As part of Cardtronics' new contract with Wells Fargo, the bank will supply $400 million to $500 million to the ATMs and kiosks during the non-tax season. During tax season—January 15 to March 31—Wells Fargo will provide $550 million in funds to the machines, the SEC filing said.
Cardtronics is the world's largest non-bank owner of ATMs with 33,700 machines in the U.S., United Kingdom, Mexico and Puerto Rico.
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