PONTE VEDRA, Fla. - Global Axcess Corp. has sold 50 percent of its South African subsidiary, Cash Axcess Corp., to South African private investment firm Industrial Electronic Investments Ltd., also known as VenFin.
Terms of the transaction were not disclosed, but GAXC said in a news release that profit from the sale would be used as working capital for the more rapid expansion of the ATM program throughout South Africa.
"We are pleased to partner with VenFin in South Africa, in an effort to further strengthen our market position and expand the presence of CAC," Mike Dodak, GAXC's chief executive, said. "VenFin has been actively investing in many well-known names in the South African and world markets for many years. Their capital investment will enable CAC to expedite the execution of their business plan."
New CFO
The company also announced this week that Michael J. Loiacono has accepted the position of chief financial officer. Loiacono will replace CFO David Surette, who is leaving to pursue other professional interests, June 1.
Loiacono has more than 18 years of professional experience in the telecommunications and software industries. He has been the controller at Global Axcess since March 2006
Before GAXC, Loiacono was vice president of finance for InfiniRoute Networks Inc., which was acquired by TNS Inc.
