2014-08-26 03:01 AM
LITTLETON, Colo.--(BUSINESS WIRE)--Aug 25, 2014--CPI Card Group, a global leader in financial and EMV card production and related services, announced today that the company has signed a definitive agreement to acquire EFT Source, a provider of turnkey card programs and personalization services for the financial payments industry.
With the acquisition of EFT Source, CPI will be poised to continue to meet the increasing demand for innovative payment solutions in its global markets. The acquisition provides extended capacity and expertise in card personalization and fulfillment to support the U.S. market migration to EMV for small, medium and large financial card issuers. In addition, EFT's patented Instant Issuance Solution, Card@Once R, will now be made available to CPI customers.
EFT Source will maintain its existing facilities located in Nashville, Tenn. and Colorado Springs, Colo.
"EFT Source's partnership with CPI spans over 15 years and we share a common philosophy regarding the priority of client service delivery," said Steve Montross, president and CEO of CPI Card Group. "This acquisition combines CPI's expertise in card production technology and related services including personalization, with EFT Source's advanced personalization and fulfillment capabilities, providing our mutual customers with unmatched products and services to meet their needs. We are very excited about this combination and the value it will bring to our customers."
"Through our close work with CPI over the years, there is great familiarity between our organizations, including our management teams," said Bill Dinker, president of EFT Source. "Our company is a natural fit with CPI. It allows us to better support our customers through a greater depth of resources and expertise and a more comprehensive product offering and to drive greater growth in the payments industry."
EFT Source, Inc. was advised by Raymond James and CPI Card Group was advised by William Blair & Company, L.L.C.
About CPI Card Group
CPI, a global leader in financial card production and related services under the VISA, MasterCard, American Express and Discover payment brands, offers a single source for cards and other form factors, from financial and prepaid debit to EMV chip and mobile, and personalization and fulfillment services. CPI offers the largest secure and commercial production network in North America and the UK. CPI's production sites include: Denver, Colo.; Fort Wayne, Ind.; Las Vegas, Nev.; Minneapolis, Minn.; Colchester, England; Liverpool, England; Petersfield, England and Toronto, Canada. CPI's facilities in Colo., Nev., Ind., Canada and Liverpool are ISO 9001 certified. For more information, visit www.cpicardgroup.com.
About EFT Source
Established in 1977, EFT Source provides more than 3,000 U.S. financial institutions with turnkey card programs and secure personalization of debit, credit and ATM cards under the VISA, MasterCard and Discover payment brands from conceptual art to creative fulfillment services. Based in Nashville, Tenn., EFT Source also has a production facility in Colorado Springs, Colo. For more information, visit www.EFTsource.com.
CONTACT: Scream Agency for CPI Card Group
Katie Knoch, 303-893-8608 ex 208
KEYWORD: UNITED STATES NORTH AMERICA CANADA COLORADO
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE OTHER PROFESSIONAL SERVICES RETAIL OTHER RETAIL
SOURCE: CPI Card Group
Copyright Business Wire 2014
PUB: 08/25/2014 01:00 PM/DISC: 08/25/2014 01:00 PM