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Bitcoin Depot Announces Acquisition Of Majority Interest In Bitaccess, A Leading Bitcoin Atm Software Provider

Nov 02, 2022•about 3 years ago

Acquiring Company

Bitcoin Depot

Acquired Company

Majority Interest

AtlantaFinanceCryptocurrencyBlockchainFintech

Description

Lux Vending, LLC dba Bitcoin Depot® (“Bitcoin Depot”), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced the previously-consummated acquisition of a majority of equity interests in Bitaccess Inc. ("Bitaccess”), a leading BTM operating system provider.

Company Information

Company

Bitcoin Depot

Location

Atlanta, Georgia, United States

About

Bitcoin Depot was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into cryptocurrency, which users can deploy in the payments, spending and investing space. Users can convert cash to cryptocurrencies at Bitcoin Depot’s kiosks and at thousands of name-brand retail locations through BDCheckout. The company has the largest market share in North America with approximately 7,000 kiosk locations.

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M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed