US-based InComm has acquired digital gift card company Giftango for an undisclosed amount.
Prior to the acquisition, Giftango has undergone two series of fundraising, totaling $1.4m in 2009 and $5m in 2010. Taylor Corporation, a privately held US multinational specializing in print and electronic marketing, led both rounds.
InComm, founded in 1992, specializes in the development and distribution of prepaid product and transaction services. It says the acquisition will expand its reach into e-commerce gift card sales and distribution through high volume channels.
Brooks Smith, president of InComm, said: “This acquisition opens doors to new and meaningful distribution channels for InComm merchants and product partners.”
David Nelson, chief executive of Giftango, added: “Coming together allows us to extend digital prepaid functionality that is necessary for mobile wallets, incentive and loyalty distribution, financial institutions and the new mobile payments ecosystem.”