Loomis AB acquired Finnish cash management and ATM firm Automatia Pankkiautomattit Oy (Automatia) for 42 million euros ($45.6 million), which includes debt, from its long-time owners Danske Bank, Nordea and OP Financial Group. 

Automatia operates the largest ATM network in Finland under the Otto brand and provides cash supply services for banks, cash storage night safes for retail stores and has a digital platform for making instant payments. 

"Automatia offers us know-how and experience in operating ATM services and digital payment systems," Patrik Andersson, president and CEO at Loomis, in a company release. "This is a great opportunity for us to expand our ATM outsourcing services."

The company, founded in 1994, had annual revenue of 42 million euros ($45.6 million) in 2019 and has 30 employees. As part of the deal, Danske, Nordea and OP Financial Group have committed to long-term service agreements and will be significant customers of Automatia, according to the release.

The deal, which is subject to merger-control approval by the Finnish Competition and Consumer Authority and other regulatory bodies, should close in five months.

The deal comes a month after Loomis acquired Swedish cash handling firm Nokas Vardehantering. 

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