Cardtronics Inc. today announced that its wholly owned subsidiary, Cardtronics USA Inc., has acquired the assets of ATM Network Inc., including its merchant contracts, customer relationships, online store and web properties, and its Minnetonka, Minn.-based head office.
The transaction was signed and closed on August 7. Cardtronics said in a news release that it expects the management team and employees of ATM Network will stay on as Cardtronics employees.
ATM Network provides ATM services to independent merchants, primarily at the local level. From its origins in the Minneapolis area, the company has grown into a nationwide provider, serving more than 6,000 merchants in all 50 states, as well as Washington D.C., with more than 6,200 mostly merchant own-and-load ATMs under contract.
Historically Cardtronics has filled its sales pipeline through indirect sales efforts, largely through a network of dealer relationships. With its acquisition of ATM Network assets, Cardtronics not only adds to its portfolio of merchant own-and-load ATMs under contract, but the company also gains a direct-to-merchant sales team, bringing greater balance to its ATM sales outreach initiatives.
"A year ago, we acquired Access to Money, bringing a new level of scale to our merchant own-and-load business," said Steve Rathgaber, CEO of Cardtronics. "This move complemented our high-profile ATM placement and bank branding model, which has made Cardtronics so successful.
"This year, we've strengthened our commitment to the merchant line of business by acquiring the assets of the premier merchant own-and-load operation in the market today, ATM Network. We're particularly excited about the merchant leadership team that will be joining us through this deal. Cardtronics has a very strong management team. With this move, it just got even stronger."
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