News

Sharenet, Walgreens extend ATM partnership in Puerto Rico

June 15, 2018

Jacksonville, Florida-based ATM operator Sharenet LLC has extended its long-term ATM services agreement with Walgreens in Puerto Rico, the island's largest drugstore chain.

According to a company press release, Sharenet has had a business relationship with Walgreens since 2009 and currently owns and operates approximately 70 ATMs in Walgreens stores across Puerto Rico. The IAD has also partnered with financial institutions across the island to provide surcharge-free cash access to cardholders.

With the June 1 acquisition of privately owned Sharenet by Lancaster, Pennsylvania-based Paramount Management Group, Sharenet has become one of the largest deployers of ATMs on the island of Puerto Rico, the company said.

"Sharenet is proud of the partnership that was established with Walgreens to serve their customers in Puerto Rico nearly a decade ago," Sharenet founder and Director of Business Development Ray Davis said in the release. "The renewal of our agreement is a testament to our commitment to expand our business, help Puerto Rico recover and to continue to provide our financial institution customers with relationships with some of the leading retailers of the island by providing surcharge free access to their customers and members."

Paramount Chief Digital and Marketing Officer Jorge Fernandez called Puerto Rico "a key growth market" for the company. "[T]his announcement reinforces our decision to invest in acquiring Sharenet and the key relationships that the company has brought to our group," he said.