News

Paramount acquires Puerto Rico-based IAD ATMG

April 11, 2019

Paramount Management Group, an ATM and payment solutions provider based in Lancaster, Pennsylvania, has acquired San Juan, Puerto Rico-based ATM Group Corp.one of territory's largest operators of retail ATMs.

Founded more than 15 years ago by Nestor Vazquez and Fernando Alvarado, ATMG was one of the first independent ATM deployers in Puerto Rico and today operates several hundred ATMs on the island, according to a press release. 

Vazquez and Alvarado will stay on to help manage the integration and continued growth of ATMG, which will now have access to Paramount solutions that include digital media, gift cards, prepaid cellular, money transfer, bill pay, crypto currency and ATM outsourcing for financial institutions, to name a few.   

"We are very pleased to welcome ATMG to the Paramount family of companies," Jorge Fernandez, Paramount chief development and marketing officer, said in the release. "ATMG brings to Paramount significant growth into a market where we already have a large presence, and we look forward to being able to further grow both companies by injecting capital into the operation and providing additional products and services." 

With the addition of ATMG and last year's acquisition of Sharenet, which includes retail and financial institution accounts, Paramount now operates the largest network of independent ATMs in Puerto Rico. "The ATMG acquisition will allows Paramount to offer additional locations to our existing bank and credit union customers throughout the island," Fernandez added. 

"After organically growing ATMG for over 15 years, we were looking to partner with an organization that has achieved success, has a clear vision and strategy for continued growth in the dynamic ATM industry, and has the financial resources to foster that growth," Vazquez said. "Paramount was the ideal choice."