Payments outfit eFunds has agreed to purchase all of the remaining equity interests in Access Cash International, an independent provider of ATM services, for approximately $43.9 million in cash.
Access Cash is the second largest independent ATM service provider in the United States, with 8400 owned or managed ATMs. The company provides turnkey ATM deployment solutions, including ATM sales and management activities, as well as branding and advertising services.
"When eFunds first acquired a minority interest in ACI last year, we did so as a means of determining whether our involvement in the management and deployment of ATMs would fit well with our existing businesses and provide added value for our customers and shareholders. We have concluded that it will," says Gus Blanchard, eFunds chairman and CEO.
The acqusition will enable eFunds to generate additional debit transaction volumes and revenues, and deliver ATM management, branding and advertising services to key existing customers, he explains.
"In time, we also expect to use our debit software expertise to deliver unique features through these ATMs that would otherwise not be available to merchants and consumers," adds Blanchard.