Marking a key acquisition in the strategic aim to expand its solution range across all industries undertaking payment processing, CPI has announced the purchase of fellow-US cash handling company Cummins Allison.
Crane Payment Innovations has announced the acquisition of US cash handling firm Cummins Allison, the privately held company owned by the Jones family since 1942.
The Crane Company subsidiary – which produces a range of coin validation and cashless payment systems in its own right – announced the deal as part of its strategic focus to “a full range of high-quality payment solutions.”
“We are extremely excited about the new opportunities created by the acquisition of Cummins Allison,” said CPI president Jan-Hinrik Bauwe.
“The natural fit of our portfolios enables us to move forward in a way that will help our customers better achieve their goals.”
Crane Company operates CPI alongside the Crane Merchandising Systems and Crane Currency, with the group active across the banking, gaming, retail, transportation and vending markets.
“Drawing on decades of expertise from the NRI, CashCode, Telequip, Money Controls, MEI and Conlux brands, CPI develops sophisticated sensing technologies supported by intelligent mathematics and expertise in device connectivity,” said a statement from the company.
Cummins Allison – which launched its first JetSort coin sorter in 1981, having manufactured cheque and document validation equipment since 1887 – has been an active supplier to the amusement industry for several decades.
The firm premiered its IFX JetScan i400 for the first time at EAG this year, a multi-pocket note sorter aimed at casinos and arcades to reflect the growing trend toward note over coin, with the CPI agreement heralding a new period of expansion for the brand’s product range.
“We see this change as very positive for our customers,” said Cummins Allison CEO and chair William J Jones. “It brings together two great American companies with tremendous expertise in payment and currency processing.” “Our customers will have more choices for new and existing products and services, which will contribute to their ultimate success.”