Houston-based Cardtronics has expanded to Africa with the purchase of South Africa’s Spark ATM Systems, whose Cape Town headquarters will serve as its base in the region.
Cardtronics is gaining South Africa’s largest independent ATM network, including 2,600 machines, which will continue to operate with the Spark name under existing management while the company eyes further expansion within Africa.
Cardtronics, which recently reorganized its senior management as part of its international strategy, now operates in four major regions, including North America, Europe and Asia-Pacific. Spark ATM Systems has relationships with leading banks in South Africa, making it a strong fit with Cardtronics, Steve Rathgaber, Cardtronics’ CEO, said in the release.
Spark ATM expects the deal will help expand ATM services offered to local banks and retailers, said Marc Sternberg, Spark ATM’s managing director, in the release. “We look forward to further developing and capitalizing on (our) combined strengths to serve our existing customers, unlock new business opportunities and further expand the reach of ATMs in South Africa,” he added.
Novitas Capital Advisors assisted Spark ATM with the deal, and financial terms weren’t disclosed.