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CPS announces the acquisition of iCubed Technologies Ltd

Cash Processing Solutions Ltd (CPS) the cash processing technology and solutions group today announces the acquisition of iCubed Technologies Ltd.

iCubed Technologies specialises in the design, development and enhancement of banknote processing systems. Led by a management team with more than 50 years combined experience in the sector, iCubed has developed cutting edge, high performance products in the fields of banknote sorter transportation, document feature detection and banknote processing analytics.

iCubed has worked in partnership with CPS for many years to support and enhance the current range of desktop sorter machines (X Range™ and Cobra®). More recently CPS and iCubed have collaborated on the development of state of the art banknote detection and sorter transportation systems allied with advanced processing analytics and reporting. This acquisition is a major step towards CPS becoming the partner of choice in delivering leading cash management solutions that optimise and safeguard its customers’ organisations.

A new business unit will be formed on acquisition, leveraging on the combined expertise of both businesses to deliver state of the art desktop cash processing solutions to customers.

Adam Lawrence, Chief Executive Officer at CPS, commented “The acquisition of iCubed Technologies marks an important step forward for CPS. By bringing their expertise in-house, we can build on our long history of innovation and lead the way in developing market-leading data-driven, end-to-end cash management solutions.

Christopher Hyman, CPS Chairman added “Privet Capital’s investment in CPS through this acquisition demonstrates our commitment to driving innovation. This is an extremely exciting time for CPS. This announcement follows news of the signing of the three-year contract with the US Federal Reserve Bank and the recent move of the CPS Global Headquarters into a brand new landmark office. CPS is continuing to make great strides forward and we are confident that the business is well positioned for further significant growth in the marketplace.”

Steve Brooks, formerly Managing Director of iCubed and now the head of CPS’ newly formed desktop sorters business unit, remarked “As vibrant, independent businesses, CPS and iCubed are well matched culturally, have a long-established working relationship and share a common vision for innovation in the desktop segment of the banknote sorter marketplace. Establishing a new business unit to combine the deep expertise in our respective fields is the obvious platform to bring this vision to fruition.”

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