SVM, a provider of business gift card solutions, has acquired another operator in the same niche 1to1 Card for an undisclosed amount.
Woodridge, Illinois-based 1to1 Card offers prepaid card management services for multiple payment products, which includes incentive, loyalty and promotional cards, rebates, pay cards, and general purpose reloadable cards.
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With the acquisition, SVM has become a single source for both open and closed loop cards with customization capabilities for a range of products.
SVM said that the acquisition will boost the firm’s incentive business and will bring a suite of new products, services and expertise to its vast business-to-business customer network.
Commenting on the acquisition, SVM founder and CEO Marshall Reavis said: "We see many benefits for our customers including superior economics and incremental products. In a market where the competitive landscape is so challenging, this is a significant advantage for our customers, when looking at the bottom line."
1to1 Card CEO and president Mark Tepper said: "SVM brings an unparalleled opportunity to 1to1 Card and our loyal customers as we expand our capabilities and leverage SVM’s well-established closed loop partnerships. Their business complements our prepaid card solutions and we are excited for a future that combines the knowledge and expertise of 1to1 Card and SVM."
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By GlobalDataInitially, both entities will maintain separate offices and operations. The two firms have already begun to cross-market products and services, SVM added.
