Cardpoint acquires mobile top up firm
02 July 2003 | 3950 views | 0
UK independent cash machine operator Cardpoint has acquired the mobile top up division of Project Telecom plc for £1.7 million.
The division, which trades under the name of 'E Top Up', operates approximately 2900 mobile terminals in retail outlets across the UK.
With terminals located in retail outlets such as Moto, Costcutter, Spar and Londis, E Top UP will provide cross-selling opportunites for Cardpoint's independent ATM business.
Mark Mills, chief executive of Cardpoint, comments: "We believe that electronic top-ups will play an increasing important role as it is intended that vouchers, which currently account for a significant percentage of the pre-paid top up market, will be replaced from mid 2004."
In the year ended 31 December 2002, E Top Up reported sales of £4.4 million and an operating loss of £102,000.
The acquisition marks the latest step in Cardpoint's efforts to grow its business and broaden its revenue base and follows last months reverse takeover of Securicor Cash Machines.