Cardtronics Inc.’s Canadian subsidiary has purchased the ATM services company Can-Do-Cash Ltd.
Cardtronics, of Houston, purchased the Ottawa company to add 800 machines to its Canadian ATM fleet, which now totals 1,840 machines, and increase its focus on eastern Canada, according to a Dec. 12 press release.
Cardtronics signed and closed the acquisition Dec. 4. Cardtronics did not say how much it paid for Can-Do-Cash, though it says it estimates $3 million to $4 million in revenue from the acquisition.
The acquisition complements Cardtronics’ 2011 purchase of Mr. Cash ATM Network Inc., a deal that gave Cardtronics 600 ATMs in Canada.
Cardtronics has since pushed to expand its presence in Canada through other moves, such as bringing its Allpoint surcharge-free network to 7-Eleven locations in Canada in September.
The purchase of Can-Do-Cash adds hundreds of new merchant relationships, including Ontario’s Pioneer Energy gasoline and convenience stores. Whereas Mr. Cash’s clients are located primarily in western Canada, Can-Do-Cash is focused on eastern Canada, Cardtronics says.
“The acquisition of Can-Do-Cash fits well with our cost-efficient growth strategy for Canada, and gives Cardtronics a more geographically balanced presence and service network in Canada,” said Steve Rathgaber, CEO of Cardtronics.
Joseph Arrage and Tarick Karkache, the founders and co-owners of Can-Do-Cash, will join the Cardtronics Canada Ltd. unit. Arrange will be the unit’s vice president of business development, and Karkache will be its vice president of operations.
Two hundred of the Can-Do-Cash ATMs are company-owned. Merchants own the remaining machines.