British Columbia-based Global Bancorp Inc. has signed a letter of intent to purchase Duluth-based Macro Communications Inc. The merger will allow the technology service provider to quickly expand in North America, Macro’s acting CEO Dave Wilkie told GlobalAtlanta.
“The acquisition by Global will allow Macro Communications to sell emerging digital products and services through its current distribution channel and allow rapid expansion throughout North America,” he said. “It allows us to have an international reach.”
Global Bancorp President Ray Prescott says the acquisition will give his company an increased presence in the United States through Macro’s 16,000 point of sale terminals. The terminals target individuals without either a checking account or credit card, a demographic segment consisting of over 30 million households in the U.S. alone.
“Macro Communications has an impressive growth record, already resulting in substantial revenues and assets for an emerging digital technology enterprise,” he said in a statement.
Founded in 2001, Macro posted $19 million in revenue in 2003. Its business lines include prepaid calling card platforms, other prepaid point of sale programs, and internet-based voice transmission services.
Macro currently distributes its prepay products to several thousand convenience stores, primarily in the Southeast, but there is a wider and growing market for prepaid debit, credit and gift cards, and for prepaid wireless services, Mr. Wilkie told GlobalAtlanta.
Global Bancorp, whose corporate headquarters is in Vancouver, British Columbia, is focused on ventures that will allow integration of digital media technologies, said Mr. Wilkie. According to an announcement of the merger, the corporation’s objective is to become a leader in advanced technologies such has video on demand and voice over the internet, e-commerce applications and web-enabled personal banking.
For more information contact Mark Wolkos in investor relations at Global Bancorp at 480-348-9282.