Stored Value Solutions (SVS), a gift card processing and programme management firm based in Kentucky, has purchased online gift card solutions provider Buyatab.

Buyatab tends to customers in Canada, US, and Europe, focusing on medium and large-sized businesses.

The firm enables retailers to sell gift cards online to consumers and other businesses.

Besides, it supports gift card distribution to incentive and loyalty programmes.

Buyatab president Matias Marquez said: “There are advances in data intelligence and delivery that can only be made when aligned with a world-class gift card processor like SVS.

“We are ready to accelerate the growth in this space and bring these advancements to market.”

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SVS did not reveal how much it paid to acquire Vancouver-based Buyatab.

SVS president Mark Schatz said: “Digital gift card sales have more than doubled in the past three years and are becoming critical to the success of retail gift card programmes.

“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.”

Owned by FLEETCOR Technologies, SVS is said to process over 1.5 billion transactions per year.

The number of card products managed by SVS every year is said to be more than 700 hundred million.