Hull ticketing and ID solutions specialist, Paragon ID, has expanded its reach and presence with the acquisition of card manufacturer, Thames Card Technology.
The acquisition strengthens the firm’s market share in the UK smart-card market as well as developing its presence in the retail and banking sectors.
Founded in 1994, 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 of the Company exceed £15 million, split relatively evenly between financial and retail sectors.
The acquisition represents a significant expansion of Paragon ID’s Payment activity, launched last year with the acquisition of AmaTech Group.
It also provides Paragon ID with a major opportunity to strengthen its market share in the various smart-card markets in the UK, in addition to those already addressed in public transport and education.
“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,” said Clem Garvey, CEO of Paragon ID.
Che Colford, Operations Director at Thames Technology, added: “Joining an internationally renowned, industrial group with strong presence in all of these markets makes a lot of sense for Thames and its stakeholders.”