Global Axcess acquires network of 770 ATMs

Global Axcess acquires network of 770 ATMs

Florida-based transaction processor Global Axcess has acquired its third portfolio of ATMs this year, paying $7 million in cash to buy an estate of 770 cash machines.

With approximately $6 million in annual revenues and an estimated $2 million on annual Ebitda, this acquisition represents the single largest revenue acquisition undertaken by the firm.

Mike Dodak, chief executive officer of Global Axcess, says: "With the closing of this transaction, we have accomplished our objective of acquiring three ATM portfolios in calendar year 2004. Additionally, this acquisition puts us on track to achieve an annual revenue run-rate in excess of $20 million while producing approximately $4.5 million in positive cash flow."

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