News

Cord Financial Services acquires continental US assets from Sky Processing

February 7, 2017

Cord Financial Services, a provider of ATM solutions, has purchased the continental U.S. ATM assets of Sky Processing, according to a press release.

Chicago-based Sky will retain its ATM business in Puerto Rico.

Kenneth Gilbert, president at Cord, said the company will begin the process of introducing itself to Sky customers whose accounts were transferred in the sale.

"Cord will take great care of our customers in the continental U.S. as we continue to rapidly grow our other businesses," Sky CEO Brad Zerman said in the release.

Boston-based Tremont Capital Group Inc., a firm that provides strategic planning and merger-and-acquisition advisory services to the ATM industry, represented Sky in the transaction.

"This transaction was a great fit for both the buyer and the seller," Tremont CEO Sam Ditzion said in the release. "As the ATM industry continues to consolidate, I expect many similar, mutually beneficial deals will be completed in 2017."

Financial terms of the agreement and other details were not disclosed.