The owners of an Ottawa ATM supplier are preparing to make their own withdrawal after a dozen years in business.
The local firm provides ATMs and point-of-sale terminals to merchants, who can opt to own and operate the machines outright or purchase turnkey services from Can Do Cash and earn a percentage of the surcharge revenues.
Cardtronics says the acquisition will add 800 ATMs to its portfolio. Of that, 200 are owned by the company with the rest merchant-owned.
“Can-Do-Cash brings to Cardtronics Canada hundreds of new merchant relationships,” said Cardtronics CEO Steve Rathgaber in a statement.
The company did not disclose the purchase price, but said the annual revenues associated with the acquisition are between US$3 million and US$4 million.
Cardtronics said the founders and co-owners of the Ottawa firm - Joseph Arrage and Tarick Karkache - will join Cardtronics Canada as vice-president of business development and vice-president of operations, respectively.
Cardtronics says it is the exclusive ATM provider to 7-Eleven in Canada and owns or operates more than 62,800 ATMs in the U.S., Canada, Mexico, Puerto Rico and the U.K.