News

EMV cardmaker CPI to acquire instant issuance provider EFT Source

The move will formalize a working partnership between the two companies that goes back more than 15 years.

August 25, 2014

EFT Source Inc., a provider of turnkey ATM and debit card programs for financial institutions, has agreed to be acquired by longtime partner CPI Card Group, a provider of financial and EMV card production and related services, according to a press release.

The acquisition of EFT Source will strengthen CPI's reach into small and medium-size FIs across the U.S., the release said. It will also give CPI the ability to offer direct access to Card at Once, a patented EFT solution that delivers traditional or EMV-capable payment cards within seconds.

“We’re very excited about this combination and the value that it will provide to our customers," CPI president and CEO Steve Montross said in the release.

EFT Source will benefit from CPI's global reach and its portfolio of services and products, including EMV smartcard technology.

“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. “[This agreement] allows us to expand our product offering and drive growth within the industry, particularly in relation to the U.S. market migration to EMV.”

EFT Source was advised by Raymond James; CPI Card Group was advised by William Blair & Company LLC.