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PAI buys WRG, becomes No. 1 ATM ISO
PAI overtakes Cardtronics as world's largest ATM ISO with its acquistion of WRG Services. PAI's portfolio now includes more than 45,000 ATMs.
Louisville, Ky.-based independent ATM deployer Payment Alliance International is now the world's largest independent deployer of ATMs. Late yesterday the company announced its acquisition of WRG Services Inc.'s ATM processing business, which includes more than 300 ATM distributor relationships and a portfolio of more than 12,000 ATMs in the United States.
The deal with Willoughby, Ohio-based WRG has moved PAI to the world's No. 1 ISO, overtaking Houston-based Cardtronics Inc.'s spot. PAI now serves 75,000 payment services clients in the United States.
"This is a significant day for the ATM industry and a tremendous event for everyone involved as we welcome WRG to the PAI family," said John Leehy, president and CEO of PAI. "With the addition of WRG's outstanding distributor network and portfolio of ATMs, Payment Alliance
International further strengthens its position as the leading ATM provider in the United States."
Acquisitions over the last couple of years have helped PAI quickly bulk up its portfolio of ATMs and services. Last month, PAI announced its acquisition of the merchant processing business of Comdata Processing Systems.In March 2008, PAI added more than 26,000 ATMs to its portfolio when it bought ATM ISO ATM Express Inc. And in May 2007, perhaps its most significant acquisition, PAI bought NetBank Payment Systems Inc. for $18 million — a deal that included servicing contracts for more than 8,500 ATMs in the United States.
"PAI's single-source approach to the market is very similar to that of WRG and offers an enhanced combination of new products and services to WRG's traditional customer and reseller programs," said Jim Penza, president and co-founder of WRG. "We expect all ATM owners and operators across the country could benefit greatly by the economies of scale and broad product offerings now available through PAI."
How the acquisition will affect the management structure at WRG has not been confirmed, but PAI spokeswoman Donna Embry says executives with both companies are meeting today to discuss the future.
"At this point we don't have any plans for any of the (WRG) executives to be phased out," Embry said. "We plan to keep everyone."
Boston-based consulting firm Tremont Capital Group introduced the parties and helped facilitate the deal, says Sam M. Ditzion, Tremont's CEO. Ditzion also was involved with the TRM Corp.-Access to Money acquisition, which was completed in April 2008.
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