Cardtronics, a provider of ATM and financial kiosk products and services, has completed its previously announced acquisition of Welch ATM, a retail ATM services company, for about $160m.
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The combined company supports a global portfolio of 111,150 ATMs, including 93,350 retail ATMs in the US.
"The acquisition brings together complementary customer bases and sales teams, positioning Cardtronics to accelerate revenue growth, achieve cost synergies and deliver greater profitability," said by Cardtronics in a statement.
Jeff Hewitt, founder and CEO of Welch ATM, has joined the Cardtronics leadership team as executive vice president, financial institution and retail sales and relationship management.
Steve Rathgaber, CEO of Cardtronics, said: "Now that the transaction is completed, we’re looking forward to integrating the two companies and delivering greater value to our customers through an even broader portfolio of ATM services and solutions, and to our shareholders through new revenue generation opportunities, operational efficiency and diversification of our client base."
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