Paramount Management Acquires Certain Assets Of CNY ATM In NY

Posted On: 10/23/2019

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LANCASTER, PA — Paramount Management Group has acquired certain assets of CNY ATM Inc. (Fayetteville, NY). Founded by Tim Champa more than 14 years ago, CNY established itself as one of the leading automated teller machine deployers in the New York State market.

“We are very pleased to have been able to come to terms with Tim on this transaction,” said Paramount chief development and marketing officer Jorge Fernandez. “CNY identified a key niche within their market and successfully grew their business over the years by providing their customers with superior services. This acquisition allows us to further grow our already large presence in the New York market, and provides additional distribution channels for our value-added services through the ATM such as digital media offering, as well as other self-service solutions.”

“Regulations and external market forces are causing ATM operators to rethink their strategies,” CNY founder Champa observed. “It is difficult for many operators to stay competitive while also having to content with the myriad of regulations and competitive forces. We needed a partner that could help us grow the business, ease the burden of compliance and operations while simultaneously providing the capital we need to grow and develop new solutions. Paramount is the perfect partner to allow us to accomplish all those goals.”

“In addition to providing a platform to further grow our retail presence in this important market, [the acquisition] also allows us to offer our financial institutions additional locations where customers can have access to cash,” Paramount’s Fernandez summed up.

Paramount Management Group is a national leader in implementing solutions incorporating technology that enables 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.

CNY ATM is a full-service ATM company specializing in offering the best ATM products and services at the best price available. The company attributes its success to 100% services levels and its commitment to helping its partners obtain the best programs, advice and pricing to suit each customer’s needs.