DirectCash Payments Inc. has announced it has signed a share purchase agreement with Brink’s Canada Limited, a subsidiary of The Brink’s Company, to acquire all of the issued and outstanding shares of Threshold, a business operating credit union and financial institution transaction processing services, ATM outsourcing and its own ATMs in Canada, for USD 50 million, subject to certain customary closing purchase price adjustments.
DirectCash believes the integration of Threshold’s core credit union and financial institution business will strengthen its strategic position in the payments business and position DirectCash as one of Canada’s leading independent providers of end-to-end transaction processing and payment solutions.
In addition, the transaction adds an additional 1,475 ATMs to the DirectCash network in Canada.
Jeffrey Smith, DirectCash’s President and Chief Executive Officer said, “we are very excited about this acquisition as it will bolster our core ATM business in Canada and gives us a significant presence in the highly strategic credit union and financial institution ATM and payments processing services segment. Threshold is a very high-quality operator with attractive contracts in place, a top-tier customer base and good management. We believe that the credit union and financial institution business will strategically position the Corporation within the Canadian payments space as a leading end-to-end transaction processing provider.”
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