Pine Labs, which is a Digital Retail payments platform is now going to acquire the Bangalore based Gift card solutions provider QwikCilver for the $110 Million.
The transactions are going to come up from the Pine Labs cash reserves with some of the additional funding from the existing investors, according to the report which has been revealed.
After the transactions, QwikCilver co-founder Sudarshan will be going to join the Pine Labs leadership team.
Pine Labs expects to blend its merchant focused solution with the QwikCilver’s brand-focused SaaS offerings to increase its market reach in across the globe. The gift solution has a customer base of more than 250 brands and retailers, and 1500 enterprise clients.
QwikCilver, which is founded by the Sudarshan and Pratap in the year 2006, the firm is a full stack gift card service provider. It claims to power nine out of 10 gift cars in India and manages and annualized gross transactions value of $1.5 Billion across Southeast Asia, India, and the Middle East.
“We have built a robust and versatile stored value and gift card technology platform. We have also built a strong network and enduring strategic brand relationships with the best brands in India, the Middle East, and Southeast Asia. With Pine Labs, we have the potential and ability to significantly scale the gift card category and drive consumer adoption with novel products and solutions,” Sudarsan said.