Wednesday, July 30, 2014
Merchant acquirer First Data Corp. has entered into an agreement to purchase mobile gift card wallet provider Gyft Inc. Financial terms of the deal were not disclosed and the transaction is expected to close in August 2014.
"With more than 200 of the most recognized retailers on its digital gift card platform, Gyft is a mobile wallet accessible by website and as a free app on iPhone and Android devices," First Data said. "The company brings an active and loyal user base of demographic groups such as millennials, who increasingly expect a highly personalized customer experience."
First Data added that its merchant base that utilizes the acquirer's prepaid platform, numbering more than 300 national retail prepaid clients, will have access to Gyft's distribution channel to "adopt the next level of gifting, expand their gift card footprint and programs and add choice for consumers."
The Gyft app will be added to the Clover App Marketplace, which is accessed via First Data’s new POS system, Clover Station.
Commenting on the proposed acquisition, First Data President Guy Chiarello said, "Gyft, with its mobile gifting platform, and First Data, with its global scale and distribution network, together will accelerate the growth of virtual prepaid with powerful new tools for merchants of all sizes to deepen their relationships with their customers. This means that the same robust toolset deployed by big box retailers will be coming soon to small- to mid-sized businesses, perfectly synched with our mission to offer innovative solutions to help our clients grow.” "As a part of First Data's suite of innovation-powered products, Gyft will be added to a portfolio of technology-driven gift solutions that link advanced consumer-engagement technology with point-of-sale business solutions," noted Vinny Lingham, co-founder and Chief Executive Officer at Gyft.
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