HOUSTON – Cardtronics, the key EFT switch for credit unions, said this morning it has acquired Minneapolis-based ATM Network Inc. and its contracts with 6,200 merchant-owned ATMs.
The deal gives Cardtronics, which is connected to virtually every credit union in the country through hook-ups to CO-OP Financial Services, Credit Union 24 and its surcharge-free Allpoint network, a total of 61,200 ATMs, including 21,300 owned by merchants that can be branded by individual credit unions and banks. Several credit unions have taken advantage of the co-branding campaign, including Florida’s VyStar CU, Pennsylvania’s Cross Valley FCU and Firstmark CU in Texas.
"A year ago, we acquired Access to Money, bringing a new level of scale to our merchant own-and-load business. This move complemented our high-profile ATM placement and bank branding model, which has made Cardtronics so successful," said Steve Rathgaber, CEO of Cardtronics. "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.”
ATM Network, founded in 1996, has a nationwide client base highlighted by new contracts to operate ATMs in the Minneapolis Convention Center and Mall of America.
Under the deal Cardtronics has acquired all the assets of the privately owned ATM Network, Inc., including its merchant contracts, customer relationships, online store and web properties, and its Minnesota-based head office. ATM Network's management team and employees are expected to join Cardtronics.
Financial terms of the deal were not disclosed.