Saturday, December 21

Tag: Qwikcilver acquisition

Pine Labs acquires Qwikcilver for $110 mn
ACQUISITION

Pine Labs acquires Qwikcilver for $110 mn

Singapore-based merchant platform company Pine Labs has acquired gift solution company, Qwikcilver for $110 million. Last month the company had signed a definitive agreement to acquire Qwikcilver. "We have acquired Qwikcilver for $110 million, funded via internal cash reserves and with additional funding from existing investors," a company statement said. The company is backed by Sequoia India, PayPal, Temasek, Actis Capital, Altimeter Capital, Madison India Capital and Sofina. Qwikcilver is a gift card service provider, managing an annualised gross transaction value of $1.5 billion across India, Middle East and South East Asia. With this acquisition, Qwikcilver and Pine Labs have a combined gift solutions business comprising 250 brands and retailers and 1,500 enterprise cus...
Pine Labs acquires Qwikcilver for $110 Million
ACQUISITION

Pine Labs acquires Qwikcilver for $110 Million

Payment and gift card technology firm Pine Labs to acquire its peer firm Qwikcilver for USD 110 million. The transaction has been funded from the company's cash reserves and additional funding from existing investors, it added. "According to market estimates, gift, as a category, is growing at a high double-digit rate annually. Qwikcilver's technology and market expertise will help us scale up this business and we are delighted to welcome it into Pine Labs," said Vicky Bindra, chief executive officer, Pine Labs. Qwikcilver, which was founded in 2006, offers nine out of every 10 gift cards in the country and manages an annualised gross transaction value of USD 1.5 billion across India, Middle East and South East Asia. Pine Labs started its own gift solutions business - Pine Perk...