Cashzone, a London-based independent ATM deployer (IAD), yesterday announced that it has purchased competitor OmniCash Ltd. in a deal that gives Cashzone control of about 30 percent of ATMs deployed in United Kingdom convenience stores.
According to the agreement, Cashzone completed buying OmniCash, in early April. OmniCash is based in Middlesex, outside of London. Neither party disclosed the price. Cashzone executives said, however, the deal was unanticipated, but they did not bother to explain what they meant.
The combined companies now operate about 5,700 cash-dispending ATMs in the U.K., OmniCash said on its website.
Although both sides were short on details about the purchase transaction, Cashzone said the integration of OmniCash significantly strengthens Cashzone's market position among independent ATM deployers.
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"The acquisition of OmniCash represents an exciting phase in the development of the Cashzone business model," said Rikki Dinsmore, managing director of Cashzone. "Both organizations are highly focused on delivering exceptional customer service and enhancing the end-user experience."
Cashzone deploys ATMs in fast-food locations, including McDonald's, Road Chef, Moto and Booths.
OmniCash clients include convenience stores, newsagents, petrol stations, public houses and amusement arcades. In addition to a strong presence in convenience stores, Cashzone predicts that it will control 22 percent of IAD transactions.
Benoit Mes, OmniCash CEO, said with the deal OmniCash becomes part of a larger group of companies that can diversify and lead innovation.
OmniCash, which was founded in 2002, operates approximately 1,900 free and pay-to-use ATMs in England, Scotland and Wales.
Cashzone was formed out of three companies. Cardpoint Services Ltd., the original company, was organized in 1999 and it became the UK's first listed IAD. It purchased the ATM estates of MoneyBox and Travelex. Cashzone is the trading name of Cardpoint Services.
