Cardpoint offloads G2 Integrated Solutions unit

Cardpoint offloads G2 Integrated Solutions unit

UK ATM operator Cardpoint has sold its G2 Integrated Solutions (G2IS) business, which provides card-based payment and access control systems, to Group 4 Technology (G4Tec) for £3.2 million.

Cardpoint, which acquired G2IS in August 2005 when it bought out Moneybox, says it has sold G2IS because the unit does not complement its ATM business.

Proceeds from the sale will be used to reduce the Cardpoint's net borrowings.

Bob Thian, Cardpoint's newly-appointed chairman, says: "The sale of G2IS will enable the company to focus on its cash machine business and continue to drive the operating performance of its existing cash machine estates."

G4Tec is a subsidiary of Group 4 Securicor. In May 2003 the vendor bought out Securicor's ATM business for £9.2 million in cash.

Earlier this week Cardpoint said its CEO Mark Mills has resigned. The news came just days after the firm's chairman stepped down.

The resignations followed news earlier this month that Cardpoint is in preliminary talks that could lead to a potential cash offer of 100 pence per share for the group.

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