News

Global Axcess buys 23 ATM locations for $118,000

May 17, 2011

Global Axcess Corp., a Jacksonville, Fla.-based independent ATM deployer (IAD), announced Tuesday that it has entered into a definitive agreement to purchase 23 ATM sites for $118,000 from an unnamed privately held network.

The ATMs are deployed in service stations in two Midwestern states and one Southeastern state, company officials said.

Once the deal is completed, Global Axcess officials predict the sites will add approximately $284,000 in annual revenue and $80,000 in annual EBITDA (Earnings Before Taxes, Depreciation and Amortization) to the IAD's core ATM business.

"This transaction continues our effort to accelerate our ATM growth and profitability through additional strategic asset purchases," said Michael I. Connolly, Global Axcess' co-CEO. "This is our third acquisition in recent quarters. By acquiring this portfolio of established ATMs, we gain the opportunity to expand our relationship with an important customer and to generate additional revenue and deliver incremental EBITDA."

Global Axcess will fund the purchase with its own cash over the next year. Last December, the company purchased 140 ATM locations from the same unnamed company. Global Axcess operates 5,300 ATMs and DVD kiosks in 43 states.