Morpho to acquire American Banknote's European card operations
07 November 2012 | 1907 views | 0
Morpho (Safran group), a leading supplier of identification, detection and e-document solutions, today announced the signing of an agreement with American Banknote Corporation to acquire its subsidiaries CPS Technologies SAS, a leader in bank card personalization in France, which employs 125 people, and ABnote Czech sro, a card manufacturing and personalization center based in the Czech Republic, which employs 85 people.
With this acquisition, Morpho will enhance its European network of bank card personalization centers and improve its ability to offer its customers proximity payment card solutions and services:
- Morpho's position in the French market will be strengthened thanks to CPS Technologies SAS' state-of-the art bank card personalization and Trusted Service Management Center in Lyon. Morpho and CPS Technologies started their relationship in 2002 to supply major French and European banks with personalized credit and debit cards.
- ABnote Czech sro will bring to Morpho a key industrial asset, enhancing its manufacturing and personalization capabilities in the heart of the fast-growing Eastern Europe banking card market. ABnote Czech has been a qualified Morpho supplier of EMV card bodies since 2010.
The closing of the transaction is expected before year end.
"The acquisition is fully in line with our strategy for the European banking market. Our target is to develop our local services for our customers by expanding our network of card personalization centers. Thanks to the complementary Morpho, CPS Technologies and ABnote Czech footprints in terms of geographical coverage, technologies and activities, our customers will directly benefit from our additional market reach," said Philippe d'Andréa, Executive Vice President Morpho, e-Documents Division.
American Banknote's Chairman and Chief Executive, Steven G. Singer, called the transaction "a winning proposition for both companies. Our European operations were a perfect fit for Morpho, and the sales proceeds that we receive will allow ABnote to reinvest heavily in our core markets, including North America, where the imminent migration to smart cards will require significant resources and focus, and in Australasia, where the market for new products and services in our industry is simply booming."