Atreva and Cash Center Devices Added to Network
SANTA CLARA, Calif.–(BUSINESS WIRE)–Aug. 2, 2000–Global Cash Access (GCA), a supplier of cash access, financial management and customer relationship marketing technologies to the gaming industry, today announced it has reached an agreement to purchase the Entertainment Business assets of InnoVentry Corp. Under the agreement, GCA will acquire InnoVentry’s Atreva All-in-One(TM), Atreva Express(TM) and Cash Center(TM) ATM’s and Atreva(TM) Credit Card Cash Access line of products and services at more than 60 gaming establishments throughout the country. Terms of the transaction were not disclosed. ”GCA is focused solely on providing the gaming industry with leading edge technology and unsurpassed service. This acquisition is an extension of our commitment to build and maintain the single most comprehensive financial resource for casinos for the new economy,” said Kirk Sanford, GCA’s chief executive officer. ”The GCA network is more than 1,200 locations strong and provides casinos with access to the most gaming patron data available anywhere. The addition of the Atreva and Cash Center lines further enhances the power of our network and what it can achieve for casino management.” The InnoVentry Atreva line of cash access devices was launched in May of 1998. ”Our Atreva and Cash Center products are proven performers in the marketplace. While these assets are very viable, they require technology resources and ongoing capital investments that do not support our core business focus. In contrast, GCA already possesses the gaming industry’s most powerful cash access and information network, which allows casinos to fully integrate their cash access functions with finance, marketing and operations. This transaction provides significant value for both companies and will provide improved service for InnoVentry’s customers,” said Frank Petro, chairman and CEO of InnoVentry. Global Cash Access was formed in 1998 through a joint venture of Bank of America, First Data Corp., and USA Processing, Inc. Providing access to the gaming industry’s largest patron database, GCA uses Internet technologies to deliver funds transfer, financial management and customer relationship marketing services to more than 1,200 gaming properties nationwide. InnoVentry, a San Francisco-based company jointly owned by the wholesale bank of Wells Fargo & Co. (NYSE:WFC – news) and Cash America International, Inc. (NYSE:PWN – news), is a deployer of a multifunction platform integrating financial service transaction capability, media distribution, facial recognition technology and centralized credit-checking. InnoVentry’s revolutionary RPM® Cash Management Machine offers self-service check-cashing, ATM, money transfer, bill payment and other financial services to the self-banked.