Global Axcess Completes Acquisition Of 900 ATM/Merchant Contracts

Thursday 12 February 2004 19:04 CET | News

Global Axcess has completed the acquisition of approximately 900 ATM/Merchant contracts from a privately held, Texas corporation based in the Southeastern United States.

These 900 merchant accounts provide for the delivery of on-site ATM services to retailers and their respective customers throughout the Southeastern and Southwestern regions of the country. With current collective processing of over 300,000 transactions per month, this acquisition increases Global Axcess total transaction volume to nearly one million per month when combined with the Companys existing transaction processing business. Moreover, monthly EBITDA from these contracts to Global Axcess is expected to exceed $100,000, which should contribute additional net income of over $700,000 to the Company in 2004. The selling company received $3.9 million in total cash consideration from Global Axcess. The Company funded the acquisition largely from the proceeds of the recently announced $3.5 million private placement.

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Categories: Payments & Commerce | Payments General
Countries: World
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