WEST CHESTER, Pa. -- MEI Conlux, a manufacturer of unattended payments systems, has acquired the assets of ValTech International LLC (VTI), a provider of currency validation products based in Las Vegas. It did not disclose the terms of the deal.
The acquisition adds the VTI Vector and Matrix products to the existing MEI Conlux product portfolio provided to the retail, transportation, amusement, vending and gaming markets. These two products complement existing technologies and enable MEI Conlux to offer a broader range of solutions to both existing and [image-nocss] new customers.
"The VTI advantage of cost effective, rapid development is now in the hands of MEI Conlux, the company that produces the best recognition and authentication technologies in its class," said G. Peter Lee, founder and CEO of VTI who will continue as an advisory consultant to MEI.
This acquisition is the first after MEI Conlux was purchased by Bain Capital and Advantage Partners in June 2006.
Mike Hayes, president and CEO of MEI Conlux, said, "This acquisition is a logical progression in our relationship with VTI, which began with a co-development project in 2005.
VTI designs and manufactures professional currency validation products. The VTI group of companies includes international sales, warehousing and service offices in Europe, Asia and in North America.
West Chester, Pa.-based MEI Conlux has an installed base of unattended payment systems handling more than two billion transactions per week in 90 countries. The company developed the first electronic coin mechanism in the 1960s, followed by the first electronic non-contact bill validator, and more recently its credit card capability and vending management solutions software.
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