News

DirectCash acquires InfoCash UK business

May 29, 2012

DirectCash Payments Inc. today announced an agreement with Triton Systems of Delaware LLC to acquire the ATM business of InfoCash Holdings Limited for £11.8 million ($18,498,860).

The purchase includes working capital such as inventory, prepaid expenses and accounts receivable. Direct Cash said that the current InfoCash team will remain in place to run the business in the U.K.

InfoCash owns about 4,700 ATM sites and related contracts in the U.K. The acquisition brings the total number of active DirectCash ATM locations to approximately 12,300. With the transaction DirectCash will have ATM operations in Canada, the U.K. and Mexico. DirectCash intends to leverage the U.K. purchase for further expansion into the European market.

"We are very excited about the acquisition of InfoCash as it gives us significant ATM market presence in the United Kingdom and the opportunity to continue to build our presence internationally," said DirectCash President and CEO Jeffrey Smith. "InfoCash is an exceptional ATM operator in the United Kingdom with quality ATM merchant contracts in place and a strong management team that will continue to drive growth in the future."

The InfoCash acquisition follows close on the heels of DirectCash's agreement to acquire Customers Limited, which is currently proceeding with a shareholder vote scheduled on June 18, 2012, and an expected close in early July. Assuming approval of the deal, DirectCash will have approximately 18,600 active ATM locations worldwide.

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