Morpho (Safran group), a supplier of identification, detection and e-document solutions, announced the signing of an agreement with American Banknote to acquire its subsidiaries CPS Technologies, a bank card personalization in France, which employs 125 people, and ABnote Czech, 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:
“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'Andrea, Executive VP of Morpho, e-Documents Division.
Steven G. Singer, Chairman and Chief Executive of American Banknote's, 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.”