News

CPS acquires bank note sorter specialist iCubed

March 21, 2018

Cash Processing Solutions Ltd., has acquired iCubed Technologies Ltd., a specialist in the design, development and enhancement of bank note processing systems.

ICubed has developed high-performance products in the fields of bank note sorter transportation, document feature detection and bank note processing analytics, a press release said.

CPS and iCubed have worked together for years to support and enhance XRange and Cobra desktop sorters. More recently, the companies have collaborated on the development of bank note detection and sorter transportation systems allied with advanced processing analytics and reporting.

With the acquisition, a new business unit will be formed at CPS, leveraging the combined expertise of both companies to deliver desktop cash processing solutions to customers, the release said.

"The acquisition of iCubed Technologies marks an important step forward for CPS," CEO Adam Lawrence said. "By bringing their expertise in-house, we can build on our long history of innovation and lead the way in developing market-leading, data-driven, end-to-end cash management solutions."

Steve Brooks, formerly managing director of iCubed and now head of the newly formed desktop sorter business unit at CPS, said that the two companies are well-matched culturally and share a common vision for innovation in the desktop segment of the bank note sorter marketplace.

"Establishing a new business unit to combine the deep expertise in our respective fields is the obvious platform to bring this vision to fruition," he said.