The Brink's Company has expanded its cash management and payment solutions portfolio through the acquisition of PAI Inc., a privately held provider of ATM services in the U.S.
The $213 million acquisition provides Brink's with PAI's managed services and tools for ATM operators and PAI-owned ATMs, including its software-as-a-service technology platform for digital network operation and real-time visibility. The deal covers PAI's more than 100,000 ATM service locations in the U.S.
The next phase of Brink's business strategy cites the potential revenue that ATM management can bring through the ownership of Dallas-based PAI, while also "delivering digital solutions that make full-service ATM management and outsourcing easier and more efficient for retailers, financial institutions and consumers," Doug Pertz, president and CEO of Brink's, said in a press release Tuesday.
“With PAI’s proprietary technology, Brink’s is now uniquely positioned to offer U.S. customers a complete range of ATM services, including full-service outsourcing, which increases the value of their ATM networks," Pertz said. In addition, PAI currently offers bitcoin purchasing at a select number of ATM locations, he added.
Brink's projects that the acquisition, which closed April 1, will bring as much as $240 million in revenue to the company's 2021 ledger, and approximately $320 million on a current full-year basis.
PAI field services are built around its vantage technical services' cash management and maintenance solution for ATM devices. Core services include remote device management, transaction processing, bank sponsorship, technology updates and product development.
“We are exceptionally happy to join Brink’s and look forward to accelerating execution of its strategy by building additional recurring and transaction-based revenue streams in the U.S.," David Dove, who will continue to lead the PAI management team and technology advancements, said in the release.
"Our mission is to make the management of ATMs easy and efficient, and by extension, provide a reliable way to keep cash within arm’s reach for consumers," Dove added. "We see this as critically important to the U.S. economy given the continued increase of cash in circulation."
In the first quarter of 2021, cash transactions from the PAI fleet increased more than 15% on a "same store" basis and more than 30% versus the 2020 first quarter, Dove noted.
Total cash dispensed from the fleet increased more than 30% on a same-store basis and more than 50% versus last year's first quarter, he said.
