News

Crane Payment Innovations acquires Cummins Allison

February 4, 2020

Crane Payment Innovations, which provides banknote and coin validation, cashless payment systems, and asset management software, has acquired Cummins Allison, a provider of coin, currency and check-handling solutions, as well as ATMs, for an undisclosed sum.

"We are extremely excited about the new opportunities created by the acquisition of Cummins Allison," Jan-Hinrik Bauwe, president of CPI, said in a press release. "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., serving more than 100 countries.

CPI provides a full range of 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 sensing technologies supported by intelligent mathematics and expertise in device connectivity, according to the release.

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," William J. Jones, chairman and CEO, Cummins Allison, said in the press release. "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."

Image courtesy of Crane Payment Innovations.