Cardtronics USA, a wholly owned subsidiary of Cardtronics has bought all the assets of ATM Network including its merchant contracts, customer relationships, online store and web properties, and its Minnesota-based head office.
Cardtronics chief executive officer Steve Rathgaber said a year ago, the firm acquired Access to Money, bringing a new level of scale to its merchant own-and-load business. This move complemented its high-profile ATM placement and bank branding model, which has made Cardtronics so successful.
"This year, we’ve strengthened our commitment to the merchant line of business by acquiring the assets of the premier merchant own-and-load operation in the market today, ATM Network," Rathgaber added.
Cardtronics revealed that with the latest takeover, it is establishing a leading presence in all segments of independent ATM market, across the US.
The purchase of ATM Network has provided Cardtronics an ample portfolio of merchant own-and-load ATMs under contract, an established direct-to-merchant sales team, the acquirer said.
As per the purchase agreement signed, ATM Network’s management team including Phil Rock- founder, president and chief executive officer of ATM Network and employees will be absorbed by Cardtronics.
ATM Network supports over 6,200 ATMs placed in convenience stores, grocery stores, restaurants, bowling centers, community banks, retail centers, medical facilities, government buildings and other types of businesses in all 50 US.
Cardtronics manages over 61,200 retail ATMs in the US and overseas.