Global Cash Access Partners With Viisage Technology
Global Cash Access Partners With Viisage Technology to Provide Facial Recognition Biometrics in New Automated Cashier Machine
SUNNYVALE, Calif.–(BUSINESS WIRE)–Jan. 13, 2000–Global Cash Access (GCA), the leading provider of cash access, financial management and customer relationship marketing technologies to the gaming industry, and Infonox, a Silicon Valley Internet company that develops web-based software for the financial services industry, have entered into an agreement to use Viisage Technology’s (Nasdaq: VISG - news) patented facial recognition technology in GCA’s new Automated Cashier Machine (ACM\\\(SM)).
The ACM\\\(SM) is a “virtual cashier” concept that uses Internet technology to offer patrons a quick way to meet cash access and other entertainment needs in a single stop - without relying on the availability of cage operators.
At the heart of the ACM\\\(SM) system is GCA’s proprietary single-source cash access financial center - the industry’s first. The system fully integrates ATM, credit card cash advance, check-cashing, POS debit, Western UnionĀ®, patron credit markers, and one-to-one marketing opportunities.
Facial biometrics recognition from Viisage Technology is an integral part of the ACM\\\(SM) system. This state-of-the-art technology uses digital images to identify users in the system with an accuracy rate of 99.9%. Once the user has been successfully authenticated, the machine is able to meet all transaction needs without the need for cashier intervention. Viisage is the leading provider of facial biometric recognition technology.
Infonox develops Internet appliances which provide transaction processing, transaction management and transaction reporting services using its proprietary middleware product, Infonox Active Layer. Infonox has provided the software that propels the ACM\\\SM.
GCA and Infonox have entered into an agreement with Diebold Incorporated, the global leader in providing integrated delivery systems and services, to supply the ACM\\\(SM) kiosk. The ACM\\\(SM) was demonstrated at the World Gaming Congress in Las Vegas in September 1999.
Viisage will provide facial recognition technology to improve ACM\\\(SM) security and convenience. Viisage’s MIT-developed and patented technology, as well as Viisage’s imaging technology, will be integrated into the ACM\\\(SM) product.
Kirk Sanford, GCA president and chief executive officer, said, “We selected Viisage because of its superior facial recognition technology and because they have a proven record of experience in implementing and managing the world’s largest facial recognition database.”
Infonox president and chief executive officer, Safwan Shah, said, “There is a need to provide consumers with the increased level of security and convenience offered by biometrics technology. Facial recognition is the one of the most practical biometrics available because it is reliable and non-intrusive.”
Tom Colatosti, Viisage president and chief executive officer, said, “We are pleased to be able to partner with the leading players in the financial services industry to improve their competitiveness and customer service. We are convinced that our facial recognition technology will provide consumers with an entirely new level of confidence and comfort in using e-commerce and Internet services.”
Viisage is the leader in enabling e-commerce with facial recognition biometrics technology and in providing digital identification systems and solutions. Domestically, Viisage products annually produce more than 20 million identification documents at more than 1,500 locations in 13 states.
Global Cash Access was formed in 1998 through a joint venture of Bank of America (NYSE: BAC - news), First Data Corp. (NYSE: FDC - news) and USA Processing, Inc. Providing access to the gaming industry’s largest patron database, Global Cash Access uses Internet technologies to deliver funds transfer, financial management and customer relationship marketing services to more than 1,200 gaming properties nationwide.
Company Press Release
Global Cash Access Completes More Than $435 Million Buyout Of First Data Corp. Interest
Las Vegas - March 10, 2004 - Global Cash Access (GCA), the leading supplier of cash access and customer relationship marketing technologies to the gaming industry, today completed its recapitalization and repurchase of First Data Corp.’s (NYSE: FDC) interest in the company’s parent holding company, GCA Holdings, L.L.C., for approximately $435 million.
GCA provides cash access products and services to approximately 70 percent of the gaming establishments in the United States, Canada, the Caribbean, and the United Kingdom. GCA’s products and services allow gaming patrons to access funds through a variety of methods, including credit card cash advances, point-of-sale, or POS, debit card transactions, ATM withdrawals, check cashing transactions and money transfers. GCA also owns Central Credit which is recognized in the gaming industry as the premier resource for underwriting patron credit decisions, or markers.
Bank of America Securities LLC acted as the exclusive financial adviser to M & C International in connection with the repurchase and recapitalization transactions. Banc of America Securities LLC also acted as sole lead arranger and sole book running manager for GCA’s $280 million senior secured credit facility and as sole bookrunning manager for GCA’s $235 million senior subordinated notes offering. “We commend Banc of America Securities LLC for the fantastic job they did in facilitating the recapitalization of the company,” said Kirk Sanford, President and CEO of GCA.
GCA provides a broad array of cash access products and services at approximately 960 gaming establishments. The company has contracts with a majority of the top gaming operators, including Harrah’s Entertainment, Caesars Entertainment, Mandalay Resort Group, Boyd Gaming Corporation, Foxwoods Resort Casino, Mohegan Sun, Trump Hotels and Casino Resorts, Station Casinos as well as three of the top four gaming operators in the United Kingdom.
From 2000 to 2003, the company’s revenues grew at a compounded annual growth rate of 13.8 percent, which compared favorably to the estimated 5.6 percent compounded annual growth rate in total U.S. gaming revenues during such period.
About Global Cash Access
Las Vegas-based Global Cash Access (GCA) is the global leader in providing cash access and customer relationship marketing services to approximately 960 gaming properties and other clients in the United States, Canada, Caribbean and Europe. GCA is widely recognized for successfully developing and deploying technological innovations that increase client profitability, operational efficiency and customer loyalty. For more information, please visit the company’s Web site at www.globalcashaccess.com
GCA’s senior subordinated notes were not and have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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