Paramount Management Group Acquires New Jersey's CAI-ATMs

Posted On: 2/19/2019

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LANCASTER, PA — Paramount Management Group reports that it has acquired CAI - the ATM Company (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 automated teller machines throughout New Jersey, New York, Connecticut and other parts of the country.

CAI was one of the first independent ATM deployers in the Northeast. It was founded in 1994 by Steve Rindner, who served as the company's chief executive officer until the acquisition. He has agreed to stay on board to help manage the integration of the company. He also plans to assist in continuing CAI's growth with new solutions available to Paramount customers such as digital media, gift cards, prepaid cellular, money transfer, bill-paying services, cryptocurrency and ATM outsourcing.

"We are very excited to complete this acquisition," said Paramount's chief development and marketing officer Jorge Fernandez. "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." Fernandez explained. "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," Rindner observed. "Paramount was the ideal choice. 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 on the ATM itself.

"CAI has built a solid reputation by providing excellent ATM services to our customers," Rindner added. "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."

Paramount's services include the placement and operation of ATMs, digital media solutions and meeting consumer needs by providing bill pay, money remittance and gift card dispensing, and other services available at the ATM. The company's Sharenet division specializes in providing ATM outsourcing solutions to financial institutions.

Inquiries about acquisition may be directed to Paramount director of strategic accounts and acquisitions Dan Gardner, Jr. by calling him at (610) 613-2691.