HOUSTON -- Tidel Technologies Inc . (Nasdaq: ATMS) and Cardtronics have entered into an exclusive marketing arrangement where Cardtronics will market and distribute only Tidel products to its customers.
Tidel is one of the nation's leading manufacturers of ATMs and cash security equipment designed for specialty retail marketers. Cardtronics specializes in debit card processing equipment, service and supplies, and currently has over 4,000 devices deployed in the United States.
"Cardtronics has been a great customer for the past two years, but until the new agreement was struck, Tidel enjoyed less than 50 percent of Cardtronics' total purchases of ATM products," said Mike Hudson, executive vice president of Tidel. "We are gratified to be the exclusive provider for Cardtronics, as they are one of the fastest-growing ISO's in the United States."
Based on Cardtronics' projected deployments, the company expects purchases of Tidel equipment to exceed $8 million in 2001, said Ralph Clinard, CEO of Cardtronics. The introduction of Tidel's Chameleon model ATM in early 2001, however, could boost that figure, Clinard added.
With sales and service representatives in 40 major markets, Cardtronics expects to nearly double its installed base of ATMs in 2001 as it continues to expand into new metropolitan markets. The company was recently honored as the 13th fastest-growing company in the Houston 100 Report on Private Companies, with estimated revenues of more than $27 million in 2000, an approximate increase of 100 percent over 1999.
