Crane Co. has used its acquisition of MEI to launch Crane Payment Innovations, or CPI. The coin and note products from Cashcode, Money Controls, NRI, Telequip and MEI brands offer the industry’s most comprehensive portfolio of cash management solutions for gaming, financial, retail, transport and vending markets.
“We’re building a new, integrated business that will combine the strengths of MEI and Crane Payment Solutions,” said Mike Hayes, CPI president, in a prepared statement. “Our goal is to earn our customers’ business every day.”
Crane originally announced its intent to acquire MEI on Dec. 12, 2012. The acquisition was completed nearly a year later on Dec. 11, 2013 after two CPS products were divested at the request of the European Commission.
“It’s exciting to think about what CPI will be able to offer customers,” said Tom Nugent, CPI president of gaming and retail. “Our challenge, in the immediate future, is to temper the enthusiasm of what can be with the realism of what needs to happen to provide the level of service customers have associated with these brands. The realization of our vision for CPI will be dependent upon collaboration with our loyal customer base. We are embarking upon a journey that will require focus and patience – but one that promises to deliver an unmatched set of products and resources to raise expectations for payment systems.”
The acquisition signifies the potential Crane sees in its ability to add value to applications that rely upon cash transactions. Including the “I” for Innovations is significant as the aforementioned brands have a long history of using technology to create documented returns on capital investments.
“The combined knowledge of CPI allows us to offer customers the personnel, experience and products to find solutions that impact the bottom line,” said Mr. Nugent. “And, ultimately, that is how we should be measured. We aspire to set a new standard – driving transaction, asset and maintenance efficiencies into customers’ operations.”
Moving forward, the entity will begin to take shape as corporate and customer-facing functions are consolidated. It will take some time. The intent is to have CPS and MEI act as separate companies in a “business as usual” state until core functions can be assimilated in a manner that is seamless to customers.