US-based payments provider Blackhawk Network has completed the acquisition of SVM Cards, a physical and digital gift card and the prepaid card provider.
The financial terms of the transactions have not been made public.
Founded in 1997, SVM provides gift card solutions for businesses.
It offers fuel cards in conjunction with major oil companies in the US.
It offers closed-loop cards in collaboration with more than 250 retail stores, restaurants, service companies and hotels.
Many incentive, rewards, and loyalty-based companies use SVM’s products to reward their customers, employees, and prospects.
SVM founder and CEO Marshall Reavis said: “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.
“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.
In addition to B2B gift cards, the deal is expected to expand Blackhawk’s portfolio of prepaid and gift card offerings by including closed-loop cards, fuel cards and others in its US catalogues.
Blackhawk Network CEO and president Talbott Roche said: “We are continually seeking opportunities to expand our branded payment solutions for our partners and offer additional content and services.
“Combining SVM’s extensive brand relationships, incentive and B2B clients with our broad network deliver an exciting addition to our offerings.”