Certegy Acquires Assets of FastFunds Financial
Certegy has announced it is acquiring the assets of FastFunds Financial and its wholly owned subsidiary Chex Services for approximately $14 million in cash.
FastFunds, through Chex Services, provides comprehensive cash access services including check cashing, automated teller machine access, and credit and debit card cash advance services to approximately 50 casinos and gaming establishments in the United States, Canada and the Caribbean. <"This transaction further strengthens Certegy's position in the fast growing gaming industry and provides new growth opportunities in the Native American and Caribbean markets," stated Renz Nichols, senior vice president and chief operating officer of Certegy Check Services - North America.
The acquisition, which is expected to close during the first quarter of 2006, is expected to add in excess of $15 million in annualized revenue.
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