Blackhawk Network has announced that it has entered into a definitive agreement to acquire InteliSpend Prepaid Solutions, a provider in the corporate incentives and consumer promotions marketplace. The transaction is expected to close no later than November 8, 2013 and is subject to customary closing conditions including regulatory approvals.
"Blackhawk has become one of the largest third party providers of prepaid cards and payment solutions to consumers through its network of content providers and points of retail distribution. The acquisition of InteliSpend gives us a very strong entry into the complementary corporate incentives and consumer promotions channels," said Bill Tauscher, Blackhawk Network CEO.InteliSpend is one of the largest providers of prepaid open loop incentive products. The company pioneered Restricted Authorized Network (RAN) technology and developed the DirectSpend product that enables clients to fine-tune the effectiveness of their incentives programs by controlling merchant acceptance and directing consumer spend.
"Together, we will be able to bring exciting new digital solutions into the corporate incentives industry in the U.S. and internationally, adding even more value for both InteliSpend's business customers and Blackhawk's content partners," he added.