A European leader in prepaid payments has acquired Giftcloud Limited from NASDAQ-listed ecommerce platform Groupon.
Amsterdam-based Recharge says the move for Bristol-headquarted Giftcloud marks a strategic and accelerated expansion into the fast-growing B2B rewards space.
The deal follows the firm’s recent €45M acquisition facility secured with ABN AMRO to fuel its international M&A activity.
Giftcloud, which powers customer and employee engagement campaigns for major UK brands including Vodafone, Sky and TalkTalk, processes millions of transactions annually and has a strong record of profitability.
The company brings Recharge a proven B2B model and a scalable platform to grow its corporate prepaid offering.
“This move is a deliberate step into B2B,” said Günther Vogelpoel, CEO of Recharge.
“We see huge potential for prepaid in customer acquisition, loyalty and employee engagement.
“Giftcloud gives us a foundation to grow that proposition further in the UK and across Europe – backed by Recharge’s digital infrastructure, partnerships and international reach.”
The acquisition is said to be a key factor in Recharge’s strategy to build the global leader in prepaid payments – serving both consumers and businesses.
With Giftcloud, it will be able to offer a broad range of services direct to business clients.
Groupon CEO, Dusan Senkypl, added: “We’re proud to have found a strong new home for Giftcloud within the Recharge Group.
“Giftcloud has always played a valuable role in helping brands engage their customers through digital rewards.
“We’re excited to see the platform continue to grow as part of a business that is fully focused on prepaid and digital innovation.”