First Data has announced that it has taken a key step to provide consumers with spending flexibility and to help businesses grow through the acquisition of Gyft.
Gyft is the leading digital platform that enables consumers to buy, send, manage and redeem gift cards using mobile devices. Financial terms of the deal were not disclosed. The transaction is expected to close next month pending Gyft shareholders approval.
“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,” said Guy Chiarello, President, First Data. “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.”
“We are joining First Data to accelerate our growth and significantly improve the gift card experience for both customers and retailers,” said Vinny Lingham, Co-Founder and Chief Executive Officer, Gyft. “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.”
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