Paramount Management Group acquires New Jersey-based CAI ATMs
LANCASTER, PA (February 19, 2019) — Paramount Management Group is pleased to announce it has acquired CAI- The ATM Company. Based in Eatontown, NJ, CAI is a provider of ATM solutions to leading retail establishments in the United States. The company owns and operates a network of thousands of ATMs throughout New Jersey, New York, Connecticut and other parts of the country.
Founded in 1994 by Steve Rindner, who served as the company’s CEO until the acquisition, CAI was one of the first independent ATM deployers in the Northeast. In addition, Rindner has agreed to stay on-board to help manage the integration of the company and continue to grow CAI with the new solutions available to Paramount customers such as digital media, gift cards, pre-paid cellular, money transfer, bill pay, crypto-currency and ATM outsourcing, to name a few.
“We are very excited to complete this acquisition,” Jorge Fernandez, Paramount Chief Development and Marketing Officer says. “Steve is a pioneer in the ATM industry who has been able to successfully start and grow CAI into one of the leading ATM operators in his chosen markets. CAI and Steve bring 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 by providing additional products and services.”
“After growing CAI for 25 years, we were looking to partner with an organization that has a clear vision of where the industry is heading and is quickly adopting to new trends in payments and consumer behavior. Paramount was the ideal choice,” said Rindner. “We are excited about all the solutions Paramount is coming to market with and to entering a new phase in the ATM industry ‒ one that focuses more on the customer interaction than with the ATM machine itself.”
Rindner continues, “CAI has built a solid reputation by providing excellent ATM services to our customers. The partnership with Paramount provides us with the capital and resources needed to further expand the products and services our customers have been asking for; products that will take them to the next level and differentiate them from the competition.”
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 CAI ATMs
Since 1994, CAI has been a go-to distributor of automated teller machines throughout the Northeast. One of the first independent sellers of off-premise ATMs in New Jersey, the company grew into a national leader over the last 25 years, providing turnkey services as well as processing and other services for merchant-owned locations. For more information, visit www.caiatms.com