Prepaid Technologies announced the acquisition of employee incentive provider WorkStride, broadening the reach of services offered to employers:
“The combination of Prepaid Technologies and WorkStride will provide businesses with an end-to-end menu of enterprise payment solutions from pay, expense management and corporate disbursements to employee and channel incentives and rewards, all designed to enhance employee satisfaction and retention in an increasingly competitive job market. Stephen Faust, CEO of Prepaid Technologies added, ‘Their channel incentives, rewards and engagement offerings are ideal and complementary solutions to our existing Dash product suite. This strategic combination enhances our position for rapid growth and provides customers and the market at large with a powerful, one-stop-shop suite of payments and engagement solutions.’”
The acquisition signals the increasing opportunity to provide employees with real-time payment solutions, specifically in the disbursements and reward segments. These areas can be seen as critical components of employee engagement in the current competitive employment market:
“’For some time, WorkStride’s customers have been asking for a more seamless way to make payments as part of our engagement platform. By joining forces with Prepaid Technologies, we will be able to address this growing need, as well as open our platform to new solutions for new industries,’ said Tom Silk, CEO of WorkStride. ‘The combination of our two customer-centric organizations, powered by great technology and passionate people, will provide tremendous opportunities for our customers, partners and employees.’”
Prepaid Technologies will seek to utilize the acquisition to increase sales volume through complementary offerings and create new revenue streams.
Overview by Jordan Hirschfield, Director, Prepaid Advisory Service at Mercator Advisory Group
