News

eFunds does it again with purchase of Seattle ISO

May 15, 2002

SCOTTSDALE, Ariz. -- eFunds Corporation (Nasdaq: EFDS), which in 2002 gained the ATM networks of two major ISOs with its purchases of Access Cash and Hanco Systems, has purchased Seattle-based Samsar ATM Company for $3.3 million dollars, payable in cash.

Samsar has approximately 1,000 ATMs under contract, mostly located in the Northwest. With this acquisition, eFunds now operates, manages and drives more than 12,000 ATMs in all 50 states and Canada.

According to a news release, eFunds plans to consolidate the Samsar ATM network into its Access Cash business over the coming months.

In the release, eFunds Chairman and Chief Executive Officer Gus Blanchard said the Samsar purchase will advance the company's strategy of building an integrated system of ATM services, which includes sales, management, branding and advertising.

"We believe there is untapped opportunity in ATM services and merchant processing among networks, financial institutions and retailers," he said. "We intend to expand the terminal network, and at the same time, improve the profitability of the machines already deployed."