News

Innovus to purchase Heartland Cash Network's ATM business

December 9, 2003

NEW ORLEANS - Innovus, Inc, a holding company for subsidiaries Innovus, TK, Columbus Data Services, Momentum Cash Systems and Columbus Field Services, will purchase substantially all of the assets of Heartland Cash Network, an ATM ISO based in Fort Lauderdale, Fla.

J. Michael Brown, president and chief executive of Innovus, said Heartland and Innovus, TK share similar business plans. Heartland manages mall and hotel turnkey ATM operations, and Innovus, TK specializes in the turnkey deployment of ATMs in major hotel management companies throughout the United States.

Brown said that with the recent formation of Innovus, Inc's, strategic partnership with a major Northeastern bank, which he did not name, the Heartland purchase will position Innovus, TK as a major deployer of ATM services to malls throughout the country.

"Heartland clients will fit very comfortably into the Innovus TK business model, generating even greater levels of efficiencies throughout the multi-subsidiary organization," Brown said in a news release. 

David Minton, managing member of Heartland said, "The strategic direction that Heartland Bank, parent of Heartland Cash Network, has decided to follow represents a different business model, which allowed the sale of the ATM company."

The privately-held Innovus, Inc., owns more than 2,000 ATMs and through its various subsidiaries provides transaction processing, vault cash and field services to more than 12,000 ATM locations.