Paramount acquires Puerto Rico-based ATM Group, Corp.
LANCASTER, PA (April 9, 2019) — Paramount Management Group is pleased to announce it has acquired ATM Group, Corp. (ATMG). Based in San Juan, ATMG is one of the largest providers of ATM solutions to retail establishments in Puerto Rico. The company owns and operates a network of several hundred ATMs throughout the Caribbean Island.
Founded over 15 years ago by Nestor Vazquez and Fernando Alvarado, ATMG was one of the first independent ATM deployers in Puerto Rico and has developed a solid reputation for superior service among its diverse customer base. Vazquez and Alvarado have agreed to stay on board to help manage the integration of the company, to provide maintenance and to continue to grow ATMG with the new solutions available from Paramount such as digital media, gift cards, pre-paid cellular, money transfer, bill pay, crypto currency and ATM outsourcing for financial institutions, to name a few.
“We are very pleased to welcome ATMG to the Paramount family of companies,” Jorge Fernandez, Paramount Chief Development and Marketing Officer, said. “ATMG is a pioneer in the Puerto Rician ATM industry. Nestor and Fernando have been able to successfully grow the company into one of the leading ATM operators on the island. ATMG brings to Paramount significant growth into a market where we already have a large presence, and we look forward to being able to further grow both companies by injecting capital into the operation and providing additional products and services.”
With the addition of ATMG and last year’s acquisition of Sharenet, which includes retail and financial institution accounts, Paramount now operates the largest network of independent ATMs throughout Puerto Rico. “The ATMG acquisition will allows Paramount to offer additional locations to our existing bank and credit union customers throughout the island,” Fernandez added.
“After organically growing ATMG for over 15 years, we were looking to partner with an organization that has achieved success, has a clear vision and strategy for continued growth in the dynamic ATM industry, and has the financial resources to foster that growth,” indicated Vazquez. “Paramount was the ideal choice. We are very impressed with the solutions the company is introducing. Fernando and I are excited to be part of the new chapter that Paramount is helping create in the industry ‒ one that focuses more on customer engagement than on the ATM itself.”
Vazquez continues, “ATMG built an excellent reputation for providing superior ATM services. The partnership with Paramount gives us access to capital and resources needed to further expand the products and services our customers need; innovative products that will allow them to differentiate themselves from competitors.”
“I’ve had the honor of knowing Nestor and Fernando for many years and grew to respect them as competitors,” notes Fernandez. “Now I am pleased to welcome them into the Paramount family.”
About Paramount Management Group
A national leader in implementing solutions incorporating technology allowing consumers, retailers and financial institutions to interact with each other. Paramount’s services include the placement and operation of ATMs, digital media solutions and other value-added products and services at the ATM. The company’s Sharenet division specializes in providing ATM outsourcing solutions to financial institutions. Visit paramountmgp.com to learn more. To inquire about acquisition, contact Maya Fuentes by email or by phone at (973) 216-8560.
About ATM Group
Since 2004, ATM Group has been one of the leading ATM Deployers in Puerto Rico. The company offers a full suite of ATM processing and tun key solutions to leading national and international retailers.
