Acquisition enhances B2B customer offerings with entry into fuel card issuance and expands robust incentives customer portfolio
PLEASANTON, Calif. – April 8, 2020 – Today, global branded payments provider Blackhawk Network announced that it has completed its acquisition of SVM Cards, a provider of physical and digital open- and closed-loop prepaid cards. The acquisition broadens Blackhawk’s prepaid and gift card offerings by adding issuance of closed-loop cards including several leading fuel and other brands to its U.S. catalogs, as well as continuing to expand Blackhawk’s significant incentives and B2B gift card services. In addition, SVM’s customer base can now benefit from Blackhawk’s omni-channel commerce, leading digital products and incentive solutions.
With this acquisition, Blackhawk is definitely expanding its prepaid offerings as SVM is a large player in the gasoline rewards and incentives business. Although Blackhawk is known for its retail gift card business, it is also are in the bulk prepaid card business, which is most commonly referred to as the incentives and reward category. This will bring added value to its existing relations as well as provide its offerings to SVMs base.
“We are continually seeking opportunities to expand our branded payment solutions for our partners and offer additional content and services,” said Talbott Roche, CEO and president of Blackhawk Network. “Blackhawk is a leader in providing businesses with a vast range of gift card and reward solutions. Combining SVM’s extensive brand relationships, and incentive and B2B clients with our broad network delivers an exciting addition to our offerings. We are thrilled to welcome SVM’s partners to our network.”
“Blackhawk has an impressive global footprint which enables us to access expanded distribution channels, digital gifting, original content and promotion solutions and bolster the offerings our partners can get from a single source. With Blackhawk, we look forward to continuing to grow our existing customer relationships and seeking new ones,” said Marshall Reavis, founder and CEO of SVM. “Branded payments like gift cards are powerful tools to drive engagement, and ensuring we have the means to deliver them as efficiently as possible helps our company—and our clients’ businesses—to stand apart. The SVM team looks forward to joining the Blackhawk team and continuing to serve our clients.”
Here is another example of why the SVM acquisition was a good move for Blackhawk. SVM was also establishing a global footprint, which means quick synergy in those markets where both Blackhawk and SVM already have a mutual presents.
Piper Sandler served as exclusive financial advisor to SVM on the transaction.
Overview provided by C. Sue Brown, Director, Prepaid Advisory Group at Mercator Advisory Group
For the original press release quoted in this coverage, please click here.
