SAN DIEGO -- Global Axcess Corp. (OTC Bulletin Board: GLXS) has completed the acquisition of Nationwide Money Services (NMS), a subsidiary of Cardservice International. Under terms of the transaction, Global Axcess also acquired EFT Integration (EFTI), a wholly owned subsidiary of NMS that specializes in ATM transaction processing and other services.
Terms of the stock transaction were not disclosed.
Nationwide, based in Ponte Verda Beach, Fla., is an independent provider of ATM services in shopping centers and other locations and for small banks. According to a company news release, it currently has more than 1,000 ATMs in operation, primarily in the Southeastern U.S.
Nationwide is the developer and distributor of CashManager, WorkOrderManager and a suite of other remote management software products. EFT Integration, a wholly-owned subsidiary of Nationwide, provides switching and transaction processing for ATMs and interactive kiosks.
"In addition to expanding Global Axcess' nationwide ATM network, the acquisition of Nationwide and EFTI adds significant technical experience and a full range of ATM network services and software product offerings to Global Axcess. This transaction is a critical milestone in our strategic plan to build and deliver a complete range of value-added financial services to consumers via interactive terminals," said David Fann, chairman and chief executive officer of Global Axcess.
Michael Dodak, currently president and CEO of Nationwide, joins Global Axcess in the newly created position of president - ATM services. He also becomes a member of the Global Axcess board of directors.
Global Axcess, a newly-formed company formerly known as NetHoldings.com, on June 4 acquired another ISO, San Diego, Calif.-based IFT Financial Group Inc. Fann, who had been chairman and CEO of IFT Financial, came on board as chairman and CEO of Global Axcess.
