Payment technology giant InComm has acquired physical and digital gift card packaging company Gift Card Impressions (GCI). With the move, InComm aims to enhance its offerings with the Kansas City, MO-based company's gifting solutions, which Brooks Smith, CEO of InComm, cited in his statement announcing the acquisition as a "much warmer, personalized, and transformative approach" to delivering stored-value products.
"GCI is on the cutting edge of the digital gift card evolution," said Smith. "We are excited to add GCI's innovative capabilities and intellectual property to our portfolio of products and services. This transaction also brings us an experienced management team with a great deal of consumer packaged goods industry knowledge that can be leveraged to help drive the growth of physical and digital gift card sales."
GCI, which is the largest provider of decorative gift card holders in the U.S., has fully embraced digital solutions as the industry shifted, expanding into personalized, multimedia experiences that can be combined with stored-value products and services. GCI will become a wholly owned subsidiary of InComm, while its operations and leadership team will remain in Kansas City, and will continue to run day-to-day operations of the company.
"We are excited to use our capability, backed by over 95 patents issued globally, to accelerate prepaid industry growth for the benefit of our customers," said Brett Glass, Founder and CEO of GCI. "InComm has been a leader and innovator in the prepaid industry for more than 25 years, and we are thrilled to have the opportunity to build on their outstanding track record of achievement."
The GCI acquisition is InComm's latest growth move, after acquiring American Express' prepaid and gift card products last year and announcing the addition of 400 employees in April.