Crane Co., parent company of Crane Payment Innovations and Crane Connectivity Solutions, has acquired Microtronic AG, a manufacturer of closed-site and mobile payment solutions, for approximately $18 million, according to a press release.

With operations in Oensingen, Switzerland, Microtronic develops and manufactures electronic payment systems, primarily for the European vending market, strengthening Crane Payment Innovations' portfolio of cashless solutions.

"We strive to simplify connectivity technology for our customers worldwide, and the integration of Microtronic will be a critical element in achieving this goal," said Eric Kaled, senior vice president and general manager for Crane Connectivity Solutions. "Combining Microtronic and Crane technology enables us to deliver a unified open, closed and mobile payment solution. The result is better functionality and lowest total cost of ownership for our global customers."