Global Axcess to acquire network of 1500 ATMs

Global Axcess to acquire network of 1500 ATMs

Florida transaction processing outfit Global Axcess has signed a letter of intent to purchase an unnamed independent ATM company operating 1500 self-service units across the US east coast.

Global Axess has not disclosed the name of the company or terms of the deal, but expects the acquisition to return 3.6 million in annual revenue.

The acquisition is expected to close by 30 September 2005, subject to due diligence and board approval.

David Fann, president, Global Axess, told reporters that the acquisition will increase the company's presence in markets where it already operates ATMs, which should help reduce maintenance costs.

Global Axess currently owns and operates over 3500 ATMs in its national network spanning 42 states and provides proprietary ATM branding and processing for over 70 financial institutions.

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