Cardtronics enters into Africa through Spark ATM buy
ATM operator Cardtronics has acquired Spark ATM Systems, an independent Cape Town-based ATM provider that operates nearly 2,600 ATMs in South Africa.
The acquisition, whose financial terms were not disclosed, marks Cardtronics' entry and expansion into the African market.
Cardtronics has a established network of approximately 225,000 ATMs in North America, Europe, and Asia-Pacific.
"Spark ATM Systems is an innovative and highly respected ATM deployer, with relationships with leading banks in South Africa, making it a strong fit with Cardtronics. We are excited to broaden our global footprint into South Africa, with a management team that has built an impressive operating and technology platform," said Steve Rathgaber, Chief Executive Officer, Cardtronics.
Spark's existing management team and founders Marc Sternberg and Russel Berman will continue in their current roles, according to a company release.
Cardtronics will likewise retain Spark's current name and will tap its Cape Town office as Cardtronics' African base of operations.
"We are excited about the synergies between Spark's robust operating platform and proven sales engine, and the added capabilities and credibility that come with the world's premier ATM services provider, Cardtronics," said Sternberg.
