Business All Stars Magazine (June 2002) Cover: ATM Network's Phil Rock

 

ATM Network's Phil Rock 

featured on June 2002 cover of

of Business All Stars Magazine (USA)

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HOUSTON, Aug. 8, 2012 (GLOBE NEWSWIRE) -- Cardtronics, Inc. (Nasdaq:CATM) today announced that its wholly owned subsidiary, Cardtronics USA, Inc., has acquired all the assets of ATM Network, Inc., including its merchant contracts, customer relationships, online store and web properties, and its Minnesota-based head office. ATM Network's management team and employees are expected to join Cardtronics. The transaction was signed and closed on August 7.
ATM Network—founded in 1996, privately owned and headquartered near Minneapolis—provided ATM services to independent merchants, primarily on the local level. Expanding beyond its upper Midwest origins, ATM Network grew into a nationwide company, boasting a merchant client count topping 6,000. With that client base drawn from all 50 United States plus Washington, D.C., ATM Network had more than 6,200 (largely) merchant own-and-load ATMs under contract.
Addition of ATM Network Assets
Including its online store and direct-to-merchant sales engine, the assets of ATM Network deliver a complement to Cardtronics' existing independent merchant ATM business, which has historically filled its sales pipeline through indirect sales efforts, primarily through a network of dealer relationships. By acquiring ATM Network's assets, Cardtronics adds to an already sizeable portfolio of merchant own-and-load ATMs under contract, gains an established and sizeable direct-to-merchant sales team and brings greater balance to Cardtronics' dealer and direct merchant ATM sales outreach initiatives. ATM Network's legacy business relationships enhance Cardtronics' ability to more rapidly acquire independent merchant clients and a greater share of the collective U.S. ATM market.
"A year ago, we acquired Access to Money, bringing a new level of scale to our merchant own-and-load business. This move complemented our high-profile ATM placement and bank branding model, which has made Cardtronics so successful," said Steve Rathgaber, chief executive officer, Cardtronics. "This year, we've strengthened our commitment to the merchant line of business by acquiring the assets of the premier merchant own-and-load operation in the market today, ATM Network. We're particularly excited about the merchant leadership team that will be joining us through this deal. Cardtronics has a very strong management team. With this move, it just got even stronger."