AIM-listed card systems vendor ID Data has acquired Mids & Horsey Limited, a provider of plastic cards and personalisation services to both the financial and retail sectors, in a deal worth over £3.4 million.
ID Data says the acquisition will move it into profitability, with an additional £5 million of revenues deriving from the deal, as well as increase its capacity by 50% (totalling 300 million cards per year).
The firm will use Mids & Horsey's premises in Petersfield to focus on the financial services sector, where there is growing demand arising from the EMV chip and pin roll out. ID Data will provide outsourced card management services to banks across Europe from the centre, which will house eight Datacard 9000 machines.
As part of the restructuring, ID Data's site in Corby, Northamptonshire, will now focus exclusively on the retail loyalty and gift card markets. The Corby personalisation facility has previously supplied cards and software for brand launches including Tesco Clubcard, Payback and Nectar.
Michael Stewart, MD, ID Data Systems, who will manage the merged business, says the acquisition will "increases our business momentum and capabilities in the demanding, yet profitable financial services arena".
"We are now a full service supplier, to which customers can with confidence outsource more of their back office activities," adds Stewart.