News

Sharenet expands ATM service footprint with acquisition of Express Teller Services

The acquisition will allow Syracuse, New York-based Sharenet to expand its service footprint to serve credit unions and community banks on the West Coast, the company said.

August 25, 2014

Sharenet, a provider of ATM services for financial institutions, has purchased Phoenix-basedExpress Teller Services.

The acquisition will allow Syracuse, New York-based Sharenet to expand its service footprint to serve credit unions and community banks on the West Coast, according to a news release.

Sharenet provides turnkey ATM management services to meet the branch and off-premises needs of FIs. The company's offerings include a full-service outsourcing program, a surcharge-free ATM network, and a branding program.

"We wanted to find talented, experienced individuals within the marketplace that would allow us to expand our reach to the West Coast and, more importantly, give credit unions and community banks easier access to our services," said Sharenet CEO Ray Davis in the release.

"Our goal was to align with a financial institution-focused company that understands the evolving U.S. ATM industry, the complex regulatory requirements involved in operating ATMs, and the challenges and potential for growth," said Josh Ettesvold, president and founder of Express Teller Services.

"We felt Sharenet was complementary to Express Teller Services and would allow us to better serve our customers," said Ettesvold, who will join the Sharenet leadership team. "In addition, our customers will receive better pricing on transactions, equipment, supplies and services because Sharenet's extensive network of customers gives the company collective buying power, which they pass on in the form of lower prices."

The acquisition was finalized on July 21. Financial details of the sale were not disclosed.