RealTime IT News

Concord EFS Continues Expansion

Cashless commerce service provider Concord EFS Inc. in Memphis is acquiring Core Data Resources, a privately held electronic transaction processor based in Amarillo, Texas.

Core Data provides ATM processing and related services to financial institutions, retailers, and independent sales organizations nationwide.

The acquisition is expected to be neutral to earnings in 2002 and accretive to earnings per share in future years. Financial terms were not disclosed.

"Core Data has had considerable success in developing and marketing turn-key ATM processing services that are designed specifically for retailers and independent sales organizations, the fastest-growing segments of ATM deployment," said Edward A. Labry III, Concord president. "We believe that this core processing technology and Core Data's strength in the retail ATM deployer segment will complement Concord's existing ATM driving and monitoring services..."

Core Data currently drives approximately 35,000 ATMs. Concord, the largest ATM processor in the U.S., drives approximately 58,000 ATMs.

Concord's payment services include electronic payment and verification terminals and credit and debit card transaction processing for retailers, primarily supermarkets, grocery stores, and convenience stores. The firm's network services operation also provides ATMs in truck stops nationwide. Its largest subsidiary is EFS National Bank, an electronic processing hub that offers almost no traditional banking services.

Concord, whose stock is trading in the $30-plus range, has been on an acquisition roll lately and early this week finalized the purchase of The Logix Companies LLC, an electronic transaction processor.