NASHVILLE, Tenn.--(BUSINESS WIRE)--EFT 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 customers.”
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 organization.”
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.