CPI Card Group, a provider of EMV payment services, has agreed to acquire EFT Source, a provider of personalized ATM products.
The financial terms of the deal were not disclosed. The acquisition would allow CPI to expand its offerings for small and medium-sized banks. It would also allow CPI to offer customers EMV-chip capabilities through CardOnce, EFT's debit card issuance system.
"We are combining CPI's and EFT Source's unmatched capabilities and increased capacity to deliver more customized programs, superior card production and greater personalized services," said Steve Montross, CPI's president and chief executive, in an Aug. 25 press release.
EFT will maintain its current offices in Nashville, Tenn., and Colorado Springs, Colo., according to the release.
EFT is based in Nashville and was advised by Raymond James. CPI Card Group, headquartered Littleton, Colo., was advised by William Blair & Co.
