Paramount Acquires Puerto Rico’s ATM Group

Posted On: 4/9/2019

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LANCASTER, PA — Paramount Management Group 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 including digital media, gift cards, pre-paid cellular, money transfer, bill pay, crypto currency and ATM outsourcing for financial institutions.  
 
“We are very pleased to welcome ATMG to the Paramount family of companies,” said Jorge Fernandez, Paramount chief development and marketing officer. “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.
 
“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,” said 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.”
 
Lancaster, PA-based Paramount’s services include the placement and operation of ATMs, digital media solutions and meeting consumer needs by providing bill pay, money remittance, gift card dispensing and crypto-currency solutions, among other services, at the ATM. The company’s Sharenet division specializes in providing ATM outsourcing solutions to financial institutions.