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.
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."
Initially, both entities will maintain separate offices and operations. The two firms have already begun to cross-market products and services, SVM added.