NYC IAD reaffirms belief in cash with ATM portfolio acquisition

Prineta USA, an independent ATM deployer in the greater New York City metropolitan area, has significantly expanded its operations with the acquisition of a portfolio of ATMs spread across three of the city's boroughs, according to a press release

The terms of the deal and number of ATM locations were not disclosed, but Prineta said sites include a tourist hotel, convenience stores, a truck stop, bars, restaurants and condos in Manhattan, Brooklyn and the Bronx.

«An investor bought a small ATM business, operated it for two years then needed out after they realized how much work was required,» Managing Partner Tanner Morton said in the release. «The seller contacted us through our website and we had the deal done the next week.»

This is the fourth acquisition within the past year, Morton said. «With a larger scale, we are better positioned to meet the needs of our clients in New York.»

In addition to its ATM operations, Prineta offers ATM covers and enclosures for high traffic outdoor locations. The company continues to invest in growth with a belief that the need for cash will continue for many years, the release said.

Source: ATM Marketplace