CPI Launches First EMV Prepaid Cards to Canadian Market with Berkeley Payment Solutions
Acquisition strengthens existing EMV, personalization and fulfillment capabilities, delivering comprehensive, secure customized payment solutions for the burgeoning payments industry.
Littleton, Colo. (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®, 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, instant issuance, and personalization and fulfillment services. With over 30 years of experience in the payments market and as a trusted partner to financial institutions, CPI Card Group’s solid reputation of product consistency, quality and outstanding customer service supports their position as a leader in the market. CPI offers the largest secure production network in North America. Learn more at www.cpicardgroup.com.