San Diego, CA - Capstone Partners, a leading international investment banking firm, is pleased to announce that it acted as sole financial advisor to San Diego-based ecoATM Inc. in its $350 million sale to Outerwall Inc.
ecoATM is the first company to create an automated self-serve kiosk system to purchase used mobile phones, tablets and MP3 players for cash. The kiosks use patented, advanced machine vision, electronic diagnostics and artificial intelligence to evaluate electronics. ecoATM's eCycling stations provide a convenient trade-in solution that connects consumers real-time to broad worldwide secondary markets for the best possible pricing.
ecoATM capitalizes on the growing U.S. mobile device market where 175 million new devices are sold annually. Today, only 20% of used mobile phones are collected, with more than 50% being discarded or stored, representing a significant market opportunity. In addition, the demand for refurbished mobile phones continues to accelerate, due largely to growth in emerging markets.