Crane Payment Innovations (CPI), the specialist in banknote and coin validation, cashless payment systems, and asset management software, has announced the acquisition of Cummins Allison, provider of coin, currency and check handling solutions, as well as ATMs.
“We are extremely excited about the new opportunities created by the acquisition of Cummins Allison,” says Jan-Hinrik Bauwe, president, CPI. “The natural fit of our portfolios enables us to move forward in a way that will help our customers better achieve their goals.”
CPI, along with Crane Merchandising Systems and Crane Currency, is part of the Payment & Merchandising Technologies segment of Crane Co. CPI serves more than 100 countries, and has one of the world’s largest installed base of payment systems.
The strategic focus of CPI is to provide a full range of high-quality payment solutions, aimed at 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.
Cummins Allison, a privately-held corporation, has been owned by the Jones family since 1942. “We see this change as very positive for our customers,” says William J. Jones, chairman and CEO, Cummins Allison. “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.”