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Financial Mergers and Acquisitions

By Jim Bruene on March 4, 2006 7:39 PM

Who bought what this week.

Cash Systems Inc. says it paid $12 million in cash and stock to buy Indian Gaming Services (IGS) from its parent, Borrego Springs Bank, N.A. IGS is a San Diego-based ATM company operating in casinos; the bank is owned by the Viejas (Baron Long) Group of the Capitan Grande Band of Diegueño Mission Indians. IGS developed the eCash System, an Internet-based, all cash-access service that includes a proprietary check-cashing application. (Contact: Cash Systems Inc., 203-682-8200)

Diebold Inc. is buying Genpass Service Solutions LLC from US Bank for an undisclosed sum. The deal gives Diebold service-contracts on 6,000 ATMs in 34 states. Diebold also renewed its maintenance contract with the bank for five years; Diebold services more than 7,100 ATMs for U.S. Bank. U.S. Bank bought Genpass’ parent, Genpass Inc., in May 2005. (Contact: Diebold Inc., 330-490-6319)

Oxford Investments Holdings Inc. says it signed a letter of intent to buy WebStar Internet Solutions, an online payment platform geared for online casinos. Oxford, based in Toronto, Canada, is an Internet gaming-software licensing, reseller, and development company. Terms of the transaction were not disclosed. (Contact: Oxford Investments Holdings Inc., 800- 293-4871)

Trintech Group PLC is buying Assurity Technologies Inc. for $2 million down and a performance-based earn-out over three years of as much as $3 million, for a potential total of $5 million. Trintech says the deal should be additive to earnings in the second half of the fiscal year, excluding amortization of the purchase price. Assurity produces general ledger account reconciliation, review and certification-enterprise process-management software, including a Sarbanes-Oxley-related product called AssureNET. Trintech, based in Dublin, Ireland and Dallas, Texas, produces transaction verification, reconciliation, process management and compliance software. (Contact: Trintech Plc, 972-701-9802)

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