French identification solutions provider Paragon ID has taken over British card manufacturer Thames Card Technology.
Financial details about the transaction were not divulged.
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The seller is BGF, whose relationship with Thames dates back to 2013 when it invested £3.1m in the card firm for the purchase of manufacturing equipment.
Thames specialises in payment, loyalty and gift cards. With the purchase of Thames, Paragon aims to capitalise on its “leading market share” in smart-card technology across retail, financial services, leisure as well as tourism industries, among others.
Paragon ID CEO Clem Garvey said: “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.”
Thames staff will be retained as part of the deal. However, BGF investor and head of manufacturing Mark Bryant will now resign from the Thames board.
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By GlobalDataThames operations director Che Colford said: “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.”
