E*TRADE Group, Inc., Menlo Park, CA, will acquire Card Capture Services, Inc., a network of centrally-managed automated teller machines (ATMs) in the U.S.. Through Card Capture Services’ 8,500 machines, E*TRADE will provide customers with a nationwide branded electronic physical presence to conduct an expanding array of financial transactions. The acquisition will be accounted for as a purchase. Other terms of the deal were not disclosed.
E*TRADE’s newly acquired ATMs, which currently generate over 3.1 million transactions per month, are deployed in a variety of locations, including hotels, shopping malls, grocery stores, convenience stores, gas stations and entertainment complexes. The machines are deployed in 48 states and three countries. E*TRADE plans to leverage these ATMs to create a network of Financial Services Kiosks that would serve as a physical delivery mechanism for cross-selling its financial products and services.
