Euronet Germany, a wholly owned subsidiary of Euronet Worldwide, has signed a new ATM outsourcing agreement with Ikano Bank, part of the Swedish Ikano Group.
As per the deal, Euronet will provide outsourcing services for the Ikano Bank ATMs, which are exclusively located in IKEA Deutschland & Co. stores throughout the country.
The contract will allow Euronet to operate any additional ATMs that may be deployed in new IKEA stores in the future in addition to providing outsourcing services in the 48 locations.
Euronet Germany managing director Alfred Stettberger said that this contract represents a significant strategic step as it marks the expansion and diversification of our business. Until now, Euronet Germany has operated its ATM business based predominantly on the Independent ATM Deployment (IAD) model.
The roll-out of the new ATMs will be completed before the end of 2011.