Giesecke & Devrient Great Britain Ltd. (GDGB), Wembley, and Currency Tech entered into a definitive agreement, under which GDGB will acquire all shares of Currency Tech, based in Milton Keynes. By acquiring Currency Tech, G&D is taking the next step toward growing its presence in the UK market. Currency Tech’s business is complementary to G&D’s existing product and service portfolio.
“G&D has longstanding and excellent expertise along the complete value chain of the cash handling and banknote business. Pursuing our growth strategy, we now have an excellent base from which to expand the business, enter into new markets and enhance our offering to existing customers. With our innovative technology we are ideally positioned to leverage Currency Tech’s potential to the fullest", stated Donald MacDonald, Managing Director of G&D Great Britain in Wembley.
“We are convinced that G&D is the right company to offer Currency Tech a positive long term perspective,” said Cory Hayward, Managing Director of Currency Tech. “G&D's strategic focus on the banknote and cash handling business will ensure that our customers will be serviced with an even larger portfolio of innovative products and solutions and a broader range of customer specific services. For us, it is a great chance to grow together with G&D.”
According to Ralf Wintergerst, Group Senior Vice President and Head of G&D’s Banknote Processing division, this acquisition reinforced the position of the division as the leading solution provider for all aspects of the cash cycle: from security architecture and high-level features through integrated cash centre solutions including all aspects of cash operation to cash cycle technology in automated payment and deposit terminals. Wintergerst: “In addition to growing organically, the Banknote Processing division uses M&A transactions as a strategic tool to complement the existing sales and service network and to support the extension of its portfolio.”