Euronet Worldwide, Inc., and Prosegur Cash Announce Joint Venture to Provide Comprehensive ATM Outsourcing Services to Latin America
May 19, 2021 at 05:00 pm EDT
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Euronet Worldwide, Inc. and Prosegur Cash announced an alliance between both parties through the establishment of a joint venture to provide comprehensive ATM outsourcing services and to own and deploy independent ATMs in the majority of the countries of Latin America. The implementation of the alliance in the different countries is subject, among others, to obtaining the relevant authorizations from regulators, including, in particular, relevant antitrust authorizations. The joint venture will leverage Euronet's REN™ and REV® payments technologies such as its cloud-based processing and connections to domestic switches and bank hosts for authorizations.
Euronet also brings its extensive portfolio of ATM driving solutions to the partnership for value added ATM transaction services as well its advanced ATM fleet management system. Prosegur Cash will deliver established relationships with banks throughout Latin America to the joint venture along with experienced cash-in-transit services, first line ATM maintenance, ATM cash forecasting abilities, and extensive local market knowledge. The combination of the two companies' abilities is well positioned for outsourcing in a market that supports approximately 300,000 ATMs1.
Beyond the outsourcing opportunities, the joint venture also includes plans to own and deploy independent ATMs in select locations.
Prosegur Cash SA, formerly Prosegur Cit Holding SA, is a Spain-based company engaged in the provision of security services. The Companyâs activities are divided into three business areas: Logistics, Cash management and Outsourcing. The Logistics division focuses on the provision of local and international transport services of cash and other valuable goods. The Cash management division offers counting, processing, custody, preparation and delivery of notes and coins, as well as replenishment of automatic teller machines (ATMs). The Outsourcing division includes a number of support financial services, such as automation of retail operations through self-service cash automatization machines (MAEs), ATMs management, as well as branch forecasting, reconciliation, settlement and credit card support services. The Company operates through own branches and joint ventures in Europe, Central and South America, Africa, Asia and Australia. It operates through Contesta Teleservicios SAU.
PROSEGUR CASH, S.A. 
