CPI Card Group, a global leader in financial and EMV chip card production and related services, announced today that the company has sold its non-secure card operations in Las Vegas, Nevada to PLI, the world’s largest hotel keycard manufacturer and a leading specialty printer.
“We are very pleased with the successful divestiture of the non-secure card operation. CPI’s focus in North America is on technology payment solutions such as EMV for our core markets of financial and private label card issuers, secure prepaid program managers, payment processors and financial services providers,” said Steve Montross, president and CEO of CPI Card Group. “This divestiture of our Nevada operation is consistent with the company’s focus and will further concentrate our activities on our core markets.”
“We are delighted to have reached this agreement with PLI, who, with over 20 years’ experience in the non-secure cards market, now has additional operations to serve and grow in this market,” Montross continued. “This is a very positive outcome for all parties involved, including our customers.”
“It is rare and exciting when a deal makes this much sense. PLI’s focus on the commercial, non-secure markets coupled with our customer and employee focused culture make this acquisition a win-win for all parties,” said Peter Krauss, CEO of PLI. “This acquisition makes PLI the largest provider of non-secure cards and related services by both volume and revenue and we couldn’t be more pleased to be able to offer broader services and capabilities to our growing customer base,” added Krauss. “As Steve said, this is a very favorable outcome for all parties.”