News

Global Axcess closes largest ATM acquisition yet

October 5, 2004

PONTE VEDRA, Fla. - Indepedent ATM operator Global Axcess Corp. (OTC Bulletin Board: GLXS) has completed the acquisition of an ATM portfolio with 770 ATM locations, a deal first announced in June. (See related story Global Axcess to scoop up 700-ATM firm)

According to a news release, Global Axcess paid $7 million in cash to complete the transaction. The name of the seller was not revealed.

Global Axcess expects the portfolio to generate approximately $6 million in annual revenues and an estimated $2 million on annual EBITDA.

Mike Dodak, chief executive officer of Global Axcess, said, "With the closing of this transaction, we have accomplished our objective of acquiring three ATM portfolios in calendar year 2004. Additionally, this acquisition puts us on track to achieve an annual revenue run-rate in excess of $20 million while producing approximately $4.5 million in positive cash flow."

(See related stories: Global Axcess raises $3.5M, funds to pay for acquisition,
Global Axcess acquiring another ISO and Global Axcess buys 111-unit ATM network)