Hull-based smart ticketing firm Paragon ID has acquired card manufacturer Thames Card Technology for an undisclosed fee.
The business, which has a base in Stockholm Road, Hull, said the deal provided “a major opportunity” for Paragon to expand its smart-card division in the 海角视频.
Paragon hit the headlines last year when it was announced the company had won a contract from Transport for London to supply all Oyster Cards used in the capital city.
It has now completed the acquisition of Essex-based Thames Card Technology, which produces more than 250 million cards every year.
Clem Garvey, Paragon ID CEO, said: “The acquisition of Thames Technology represents another step-change in the development of our company.
“Just one year ago, we entered the Payment market with the acquisition of AmaTech Group. The acquisition of Thames firmly positions us in the Payment card space, with our own EMV-certified site, while also providing us with manufacturing and personalisation capacity in Britain for smart-cards which can be used across all of our existing business activities.
“We are delighted to welcome the Thames team to the Paragon ID group and look forward to great success together.”
Thames Technology designs, manufactures, personalises and distributes payment cards, loyalty cards, gift cards and other cards.
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Accredited for more than 15 years with Visa and Mastercard, Thames Technology sells more than 250 million cards per year, which are distributed to customers in more than 60 countries around the world.
Annual revenues at the company exceed £15million, split relatively evenly between financial and retail sectors.
The acquisition of Thames Technology represents a significant expansion of Paragon ID’s Payment activity, launched last year with the acquisition of AmaTech Group.
The deal also provides Paragon ID with a major opportunity to strengthen its market share in the smart-card markets in the 海角视频, in addition to those already addressed in public transport and education.
Che Colford, operations director at Thames Technology, said: “Everyone here at Thames is very happy and excited to join the Paragon ID group.
“Our markets are becoming increasingly characterised by the convergence of applications across the domains of Payment, Identity and Transportation and are also becoming increasingly international.
“Joining an internationally-renowned, industrial group with strong presence in all of these markets makes a lot of sense for Thames and its stakeholders.”
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Paragon ID, which has its Hull base in Stockholm Road, currently employs more than 600 people in its sites around the world.
The company was also the first supplier to introduce magnetic tickets in Europe, with clients including British Rail.
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