Gift card management company Stored Value Solutions, has acquired online gift card firm Buyatab. With the acquisition, SVS aims to expand its offerings in the digital gifting space, where it already offers a range of ecommerce and mobile solutions, with more than 700 hundred million card products and processing more than 1.5 billion transactions annually.
"Digital gift card sales have more than doubled in the past three years and are becoming critical to the success of retail gift card programs," said SVS President Mark Schatz. "With the acquisition of Buyatab, we will enhance our capabilities to make digital gifting just as compelling as purchasing and receiving a physical gift card."
With the acquisition, SVS gains Buyatab's extensive online gift-card offerings in both the consumer and B2B spaces. The company offers technology and marketing services for a wide range of clients. It also handles gift card distribution for corporate clients' incentive and loyalty programs, providing fraud protection and customer support.
Buyatab President Matias Marquez expressed optimism about how the acquisition would benefit both parties and their clients, specifically citing the advances in data intelligence and delivery that a processor with SVS's scale would provide.
"Joining forces with SVS will help us deliver even more powerful, intelligent resources to a broader base of retailers," said Marquez. "We are ready to accelerate the growth in this space and bring these advancements to market."
Buyatab recently rebranded its annual gathering of gift card industry members to Buyatab Beyond in an effort to better connect with the evolving, and rapidly expanding digital gift card industry.