US-based CPI Card Group has signed a definitive agreement to acquire EFT Source, a provider of turnkey card programs and personalization services for the financial payments industry.
CPI Card Group believes that the transaction enables the company to meet the increasing demand for innovative payment solutions in its global markets.
According to CPI Card Group, the acquisition provides extended capacity and expertise in card personalization and fulfilment to support the US market migration to EMV for small, medium and large financial card issuers.
Further, EFT’s patented Instant Issuance Solution, Card@Once, will now be made available to CPI customers.
As part of the acquisition, EFT Source will maintain its existing facilities located in Nashville, Tennessee and Colorado Springs, Colorado.
CPI Card Group president and CEO Steve Montross said: "EFT Source’s partnership with CPI spans over 15 years and we share a common philosophy regarding the priority of client service delivery.
"This acquisition combines CPI’s expertise in card production technology and related services including personalization, with EFT Source’s advanced personalization and fulfilment capabilities, providing our mutual customers with unmatched products and services to meet their needs."
EFT Source and CPI Card Group were advised by Raymond James and William Blair & Company, respectively.