In a statement to the ASX yesterday, financial technology company Stargroup Limited confirmed it had acquired the network of 134 ATM machines owned by Fast Cash ATMs Australia Pty Ltd. Stargroup paid A$4.2 million, fully funded by a drawdown from a $7.5 million facility.Stargroup's annualised revenue for FY18 is projected to increase from $17.9 million to $20.1 million. Its projected earnings before tax and extraordinary items for FY18 will increase from $4.75 million to $5.75 million.The company said shareholder approval was not required for the acquisition, which was completed earlier this week, on 1 June.The FastCash ATM network has been in operation for seven years. The deal with Stargroup includes taking over Fastcash's ATM site agreements, the Fast Cash ATM services brand, modems and ATM inventory. Existing FastCash liabilities, including staff entitlements, do not form part of the acquisition, Stargroup said, adding that "one staff member will become an employee of Stargroup."The acquisition of FastCash will take the total number of operational Stargroup ATMs to 512 machines, processing some 4.5 million transactions each year. The company said in its presentation to investors that current annualised revenue in the ATM division - which now includes the Star Payments, StarATM, Cash My ATM and FastCash brands - is greater than $13.5 million."We have clearly outlined in our strategy that we would target smaller unlisted ATM deployers for value accretive mergers and acquisitions and this is a high quality network which we have tucked in to our operations and it will further strengthen the free cash flows from the business in FY18," Todd Zani, Stargroup's CEO and executive chairman said.The now vertically integrated Stargroup, which owns or manages just over 2400 ATMs, has made no secret of its ambition to challenge DC Payments, which manages 12,000 cash machines - half the market for independent ATM deployers - either by acquisition or by attracting customer from rivals with better pricing and service offerings.