Sharenet, a full-service provider of ATM services for financial institutions, has purchased Phoenix, AZ-based Express Teller Services.
The acquisition will allow the Syracuse, NY-based company to expand its business and provide services to credit unions and community banks on the West Coast.
"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," says Ray Davis, Sharenet CEO.
Sharenet provides banks and credit unions with turn-key ATM management services for their off-premise and branch needs. Sharenet's products and services — including a full-service outsourcing program, a surcharge-free ATM network and a branding program — alleviate the operational and regulatory headaches involved with managing ATMs.
"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," says Josh Ettesvold, president and founder of Express Teller Services.
As the industry changes, we felt Sharenet was complimentary to Express Teller Services and would allow us to better serve our customers," says Ettesvold, who will join Sharenet's 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."
"Josh and his team at Express Teller Services have exceeded our expectations," says Davis. "We look forward to what the future holds."