ALBERTA, Canada — The DirectCash ATM Processing Partnership has purchased Inkas Financial Corp., a private ATM-processing company based in Toronto and a DircetCash competitor.
According to a news release, the deal closed for $5.3 million and was funded from DirectCash's acquisition credit facility.
Some 711 ATM sites and related contracts were acquired in the deal, the majority of which are located in Ontario and Quebec. The acquisition brings DiectCash's total active ATM sites and contracts more than 6,000.
"We are very excited about the acquisition of Inkas as it significantly increases our ATM market presence in Ontario and Quebec," said Jeffrey Smith, president and chief executive of DirectCash.
InKas had been in business in Canada since 1998.
