- Acquisition to strengthen card personalization service offerings,
deliver more customized programs to financial industry -
NASHVILLE, Tenn.--(BUSINESS WIRE)--
Source, Inc., a provider of turnkey card programs and
personalization services for ATM and debit cards for financial
institutions, announced today that it has signed a definitive agreement
to be acquired by long-time partner, CPI
Card Group, a global leader in financial and EMV card production and
related services. EFT Source will continue operations from its
Nashville, Tenn. and Colorado Springs, Colo. locations.
Through the acquisition, EFT Source adds advanced personalization
capabilities to further enhance CPI’s existing personalization expertise
and strengthen CPI’s reach into small- to medium-sized financial
institutions across the U.S. In addition, CPI’s customer base will have
direct access to EFT’s patented instant issuance solution, Card@Once®,
enabling them to deliver fully functioning, traditional or EMV-capable
payments cards to customers within seconds.
“As longstanding partners, CPI and EFT Source share a common philosophy
and focus on superior customer service delivery,” said Steve Montross,
president and CEO of CPI Card Group. “Now, through this acquisition, we
are combining CPI’s and EFT Source’s unmatched capabilities and
increased capacity to deliver more customized programs, superior card
production and greater personalization services. We’re very excited
about this combination and the value that it will provide to our
EFT Source benefits from CPI’s increased accessibility of products and
services worldwide. The acquisition also provides EFT Source’s current
customers with access to CPI’s portfolio of products, services and
technology including EMV smartcard technology. CPI has made significant
investments in expertise and capabilities over the past several years,
including state-of-the-art facilities, to support the U.S. market
migration to EMV.
“We’ve worked with CPI Card Group for more than 15 years, providing for
great familiarity across our organizations as well as our management
teams,” said Bill Dinker, president of EFT Source. “Our company was a
natural fit and this allows us to expand our product offering and drive
growth within the industry, particularly in relation to the U.S. market
migration to EMV. This will provide substantial opportunity for our
EFT Source, Inc. was advised by Raymond James and CPI Card Group was
advised by William Blair & Company, L.L.C.
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.
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.
For EFT Source, Inc.
Michael Touchton, 678-781-7215
Source: EFT Source, Inc.