June 1, 2018
LANCASTER, PA — Paramount Management Group (PMG) today announced that it has closed on the acquisition of Sharenet, Inc — a move that solidifies PMG’s formal entry into the ATM Outsourcing market. Privately held and headquartered in Jacksonville, Florida, Sharenet served as a pioneer in the ATM outsourcing market as early as 1994 in New York and today is one of the leading providers of ATM solutions to mid-tier financial institutions and credit unions throughout the US and Puerto Rico.
“Sharenet is an innovative and highly respected provider of ATM outsourcing services with relationships with leading financial institutions in the US and Puerto Rico, making it a strong fit with Paramount,” says Paramount’s Chief Executive Officer Daryl Heller. “We are very excited to broaden and expand our area of services to financial institutions. Sharenet pioneered the way in this market and we welcome them into our family of companies.”
“This is a major milestone for Sharenet and is a strong vote of confidence not only in our organization, but also in the growth potential of the emerging market for ATM outsourcing services,” Sharenet’s Founder and CEO Ray Davis said. “We are excited about the synergies between Sharenet’s proven track record and experience in this industry, and the added capabilities, experience and credibility that come with Paramount’s extensive experience in operating a large network of ATMs. We look forward to further developing and capitalizing on these combined strengths to serve our existing customers, unlock new business opportunities and further expand the opportunities that exist in offering turnkey services to financial institutions.”
Ray Davis will remain with the company post acquisition and will not only help with the transition but will also help further expand the company by serving as Director of Business Development for Paramount’s Financial Institution Solutions.
“Diversification of services within the ATM Industry is the key to our growth strategy,” Jorge Fernandez, Paramount’s CDO/CMO.
“I had the pleasure of competing with Sharenet for almost a decade, I always found them to be not only a formidable and extremely knowledge competitor, but also one with an impeccable reputation with their customers. While many companies claim to offer ATM services to financial institutions, most do not fully understand the unique requirements of that market and offer generic ATM services to retailers, banks and credit unions alike. Sharenet was founded to serve the specific requirements of financial institutions and is uniquely qualified to package and deliver solutions to meet their particular requirements. I am very happy that they are now part of our family and that I do not have to compete against them anymore”.
ABOUT SHARENET — Sharenet was founded in 1994 in New York to serve the ATM needs of a group of local credit unions. Since then, the company grew to become one of the leading providers of ATM outsourcing solutions to financial institutions throughout the United States and Puerto Rico. For more information, visit www.sharenetatm.com
ABOUT PARAMOUNT MANAGEMENT GROUP, LLC — A national leader in implementing solutions incorporating technology allowing consumers, retailers and financial institutions to interact with each other, 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, among other services at the ATM. For more information, visit www.paramountmgp.com.
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