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JACKSONVILLE, Fla. A provider of self-service kiosk solutions has inked a definitive agreement to acquire an operator of unattended DVD rental kiosks.
Global Axcess said it expects to close its acquisition of Tejas Video, which operates more than 260 kiosk locations in the United States, by the end of the month. The acquisition would increase Global Axcess' deployed DVD rental kiosks to include more than 600 locations, the company said. Tejas Video's primary contract is with the Army and Air Force Exchange Service for DVD rental kiosks, which currently includes 250 kiosks deployed at 220 locations on more than 70 military bases.
Terms of the agreement, while currently undisclosed, included a cash payment at deal closing, an additional cash payment within 120 days after deal close and restricted shares of common stock. Terms also included an earn-out opportunity if certain performance milestones are achieved on additional kiosks deployed in locations currently without a DVD kiosk.