Tuesday, March 19, 2019View Showroom
The Armaguard Group announced today the signing of an agreement to purchase Cuscal’s physical ATM assets and to take over the management and operation of the rediATM Scheme.
The rediATM network provides direct-fee-free transactions for the cardholders of rediATM Scheme members, with an extensive network of ATMs across hundreds of unique locations, including regional centres Australia-wide.
The purchase aligns the core competencies and future plans of both the Armaguard Group and Cuscal.
The Armaguard Group has decades of expertise in ATMs, and currently provides services to the majority of existing ATMs in Australia. This purchase allows Armaguard to provide additional end-to-end currency and technology management solutions, and facilitates the continued provision of cash across the community. Cuscal is a payments business and its future strategy is centred on mobile, real-time and data initiatives. This sale allows Cuscal to focus on its future plans while ensuring its clients and customers continue to receive convenient, secure, 24/7 access to their money.
Gary Allen, CEO, Armaguard Group, is delighted about the purchase: “Our core business is currency management, which includes supporting financial institutions with the circulation of cash into the community. We aim to ensure that everyone has access to their cash when they need it, and part of this is the provision of ATMs, an essential service to communities across Australia.
“We look forward to investing in this well-established network to support ongoing services to the community.”
Commenting on the sale, Craig Kennedy, MD, Cuscal: “We are proud of our history in ATMs. We worked with one of our clients to offer the first ever modern ATM back in 1977, and the rediATM Scheme has given millions of people secure, easy, direct-charge free access to their cash for nearly 10 years.
“However the ATM industry has evolved, and our business has changed. We strongly believe that this sale is the best way for our clients and their customers to continue to get secure, convenient access to their cash. We will continue to drive, switch and settle for ATMs, while spending more time on our core strategic areas of mobile, real-time and data - enabling our clients’ customers to make payments wherever they are, with whatever device they choose.”
Gary Allen sums up: “While the deal is subject to regulatory and other approvals, we expect it to be completed in the coming months. This acquisition is the natural extension of our current technology driven business, and we look forward to a seamless transition for rediATM Scheme members and their customers.”