Paramount Acquires Cypress Advantage
LANCASTER, Pa., Feb. 12, 2024
Acquisition Allows ATM Deployers to Take Advantage of Paramount's Buying Power, Expertise
LANCASTER, Pa., Feb. 12, 2024 /PRNewswire/ -- Paramount Management Group announced today it has partnered with Cypress Advantage, a Washington-based independent ATM service provider. The acquisition adds another 7,500 machines to the Paramount network, expanding their ATM footprint across the US, and allowing the company to offer full-service support for smaller ATM deployers.
Established in 1996 by Samantha and Michael Guthrie, Cypress has built a reputation as the "go to" partner for independent ATM deployers (IADs) in the US - offering a robust suite of products and services including equipment, parts, and processing, as well as technical and sales support.
"We are excited to join forces with Cypress and their distributors," says Paramount Senior Vice President M&A Business Development Maya Fuentes. "I have the utmost respect for the Guthrie's and the business they have built. During the past 28 years they have developed strong alliances and industry-leading tools and strategies to help their ATM deployers grow their businesses. This acquisition will benefit Cypress' IADs by providing the personalized service they are accustomed to, and access to additional products and services provided by Paramount."
"Maya has been a friend and professional colleague for decades. When we decided to sell, she was the first person I called," said Samantha. "This collaboration represents a significant step forward for our distributors – allowing them to gain additional pricing leverage, the ability and support to choose from multiple processors and enhance their profit margins by offering value-added services. I feel confident we are leaving our clients in good hands with Maya and her team at Paramount."
"We're pleased to add Cypress Advantage and their ATM operators to the Paramount family of companies," says Randall Leaman, Paramount CEO. "This acquisition strengthens the business the Guthrie's have built by providing Cypress clients with additional access to the best products, pricing and services in the industry. Paramount intends to maintain the level of superior customer service that Cypress has been known for, while assisting IAD's with innovative business solutions."
Maya Fuentes, SVP, M&A Business Development
Press release distributed by PRLog
SOURCE Paramount Management Group