CPS signs three year contract with the US Federal Reserve
The contract is to participate in a competitive development for the FRB’s next generation of high speed currency processing equipment (NextGen). Under the contract, CPS will design, develop and manufacture a high-speed currency processing system with the associated software solutions to meet the Federal Reserve’s note processing requirements. The contract has now commenced and will run through to the end of 2020.
This competitive process is expected to lead to the provision of the FRB’s NextGen requirement which will replace the current fleet of high speed cash processing machines with state of the art next generation systems.
Mark Gould, Product Director – Cash Product Office (CPO) at the FRB, noted that, “Effective cash processing equipment is critical to the mission of the Federal Reserve’s cash function, enabling us to meet demand for U.S. currency, ensure the quality and integrity of currency in circulation, and maintain cost-effective operations.”
Adam Lawrence, Chief Executive Officer at CPS, commented “The US Federal Reserve’s NextGen program is an innovative and ambitious program and we are delighted the FRB has selected CPS to work closely with them on this. The project demonstrates the focus that CPS has on innovation and is a significant investment in our future
product roadmap. It will give CPS the opportunity to show its strengths as a trusted partner and provider of end to end banknote processing solutions.”
Christopher Hyman, CPS Chairman remarked “Securing this prestigious contract with one of the world’s largest central banks, the FRB, is a major step on the transformation journey that CPS started when it was acquired by Privet Capital in May 2016. CPS has made great strides forward over the last year, investing in all areas, and with this contract and the appointment of Adam to lead the business, it is well positioned for future growth. To partner with the Federal Reserve Bank during the competitive development phase of their NextGen program will be a catalyst for even further
Based in Basingstoke, England, CPS is one of the market leaders providing world-class cash processing hardware, software and related services to central banks, commercial banks, state printworks and commercial cash processing companies. Its solutions play a critical role in managing cash throughout its lifecycle from manufacture through to issuance, circulation, processing and destruction. These complex sorting solutions process over 100 billion banknotes per annum from operations in 106 countries, supported by a team of over 500 people.
Cash Processing Solutions
Cash Processing Solutions Ltd (CPS) was acquired by Privet Capital from De La Rue in May 2016 to establish a fully independent, global provider of integrated hardware and software solutions, consultation and support services to the cash processing industry.
Working with 230 customers across 106 countries, CPS provides a range of high-speed cash sorting and authentication systems alongside enterprise cash management software which gives our customers control of cash through its entire lifecycle from production and issue to circulation, processing to destruction. For banknote printers, our single note inspection machines enable new notes to be quality assured prior to issue.
With sixty years experience, our specialist knowledge of global cash cycle trends and currency management techniques ensure our customers’ solutions are tailored to meet their specific cash processing objectives. Our on-going support and flexible service packages provide truly future-proofed solutions, enabled through our local presence, global knowledge and a proven ability to deliver bespoke requirements.
Privet Capital is a London-based private equity investor focused on creating value through operational improvement. Its team of experienced professionals seeks to partner with management teams in established businesses with a strong underlying product/business offering but in need of a clearer strategic direction to achieve operational efficiency and maximise growth potential.
Privet seeks to invest between £1m and £10m into companies in a range of sectors with a turnover of £10m to £200m. For more information please visit http://www.privetcapital.co.uk/
Press enquiries about CPS to:
Global Business Development Director Cash Processing Solutions
M: +44 (0) 7803 437971
Zinka MacHale Hawthorn Advisors
T: +44 (0) 20 3745 4964
M: +44 (0) 7816 175560