PONTE VEDRA, Fla. - Global Axcess Corp., a transaction processing company, announced in a Sept. 1 news release that it has signed an agreement with The BidVest Group Ltd. to transfer 51 percent of GAXC's South African subsidiary, Cash Axcess (CAC), to International Payment Systems, which is owned by BidVest.
"BidVest is one of the largest and most well-known public companies in South Africa," said Mike Dodak, Global Axcess' chief executive. "The company has existing relationships with national banks and other financial institutions, thus adding greater credibility and backing for CAC, and making it possible to win larger contracts."
BidVest will invest in CAC, which will provide working capital for expansion of CAC's ATM program throughout South Africa.
"The union of Cash Axcess with BidVest's unique portfolio of clients will provide greater synergy and expanded opportunities for our ATM management portfolio in South Africa," Dodak added. "Due to the strong demand of our ATM program in South Africa, we expect dramatic expansion of our network as we leverage our expertise with BidVest's market penetration."
"Cash Axcess is focused on the entry level ATM market in South Africa, with a view to bringing banking facilities to the people," said Ray Brederode, Cash Axcess' chief executive. "Entry level ATMs can be deployed in areas that have traditionally been neglected and will provide consumers with secure, convenient access to cash."
