Nitecrest acquired by Austriacard
Leyland-based plastic card manufacturer Nitecrest has been acquired by Austriacard.
Nitecrest, which produces and personalizes Gift & Loyalty and Telecom cards for the local and global market, was founded in 1996.
In 2016 it founded Tag_Nitecrest, of which it holds a 50 per cent stake, to operate in the banking sector and produce payment cards.
Together, the two businesses employ around 160 and generate an annual turnover of around £25m.
Austriacard, based in Vienna, was founded in 1897 and produces various types of card, including payment and identity. It is also involved in digital transformation and the Internet of Things.
The business operates seven production facilities and seven personalization centers in Europe, one in the USA and one in South America. In total, the company employs around 1,600 and registered an annual turnover of £170m.
The deal sees Nitecrest's key shareholders and leadership team remain with the business, which will retain its partners, customers and employees, but now operating under the Austriacard umbrella.
Leeroy Pye, CEO of Tag_Nitecrest, said: "At group level we are about to change the game. Our Fintech and Challenger Bank customer adoption takes the entire group into a new era, as we shall be able for the first time to offer product led core banking services. We are partnering with key companies around the globe, to flip card issuing on its head and take the helm to delivering the next generation of payment cards."
P Spyropoulos, group CEO of Austriacard Holdings, said: "Austriacard's decision to join forces with Nitecrest was straightforward, the latter being a leading provider for cards and services in the UK with sales globally, as well as the undisputed leader for Europe’s Fintechs, through Tag_Nitecrest. The fit was perfectly complementary” said
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