WHIPPANY, N.J. -- ISO Access to Money, Inc. has acquired the management rights to the ATM portfolio belonging to Cary, N.C.-based Automatic Bankcard Services, Inc. (ABS).
Boston-based Tremont Capital Group, Inc. advised and represented ABS in the transaction and served as the broker to the deal, according to a news release.
Prior to the acquisition, Automatic Bankcard Services owned or managed approximately 1,000 full-service placement and processing-only ATMs under contract in 25 states, primarily concentrated in the southeast United States. With this acquisition, Access to Money will manage more than 3,200 ATMs under contract nationwide.
"This transaction will give Access to Money substantial presence in the southeast U.S. markets," said Douglas Falcone, president and chief executive of Access to Money, in the release. "ABS is a terrific company with an outstanding customer service reputation, and we look forward to a strong relationship with their team going forward."
"This deal has brought together two like-minded organizations that have very similar goals, values and corporate cultures," said Dusty Field, president and chief executive of ABS.
According to the release, Field will remain in the ATM industry to continue building the ABS ATM portfolio and will focus much of his attention on expanding his armored and maintenance services company, Cary, N.C.-based U.S. Armored, LLC.
As part of the agreement, U.S. Armored will provide ongoing armored and maintenance services to many of the former ABS ATMs now managed by Access to Money.
Financial terms of the agreement were not disclosed.
"Many more mutually beneficial deals of this nature will be formed within the ATM industry before this current period of rapid consolidation comes to an end," said Sam Ditzion, president and chief executive of Tremont Capital Group, which represented ABS and brokered the deal.
