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Crane Payment acquires currency-handling firm Cummins Allison

February 4, 2020

Crane Payment Innovations, a banknote validation, cashless payments and developer of asset management software, has acquired Cummins Allison, a provider of coin, currency and check-handling solutions and ATM machines.

"We are extremely excited about the new opportunities created by acquisition of Cummins Allison," Jan Hinrik-Bauwe, president of Crane Payment Innovations, said in a company release. "The natural fit of our portfolios enables us to move forward in a way that will help our customers better achieve their goals."

Cummins Allison has been owned by the Jones family since 1942, and company officials see the deal providing additional choice to customers of both companies.

"We see this change as very positive for our customers," William Jones, chairman and CEO of Cummins Allison, said in a release from Crane. "It brings together two great American companies with tremendous expertise in payment and currency processing."