News Feed Item
First Data Announces Agreement to Acquire Gyft, the Leading Digital Platform that Enables Consumers to Buy, Send, Manage and Redeem Gift Cards Using Mobile Devices
|By Business Wire
|July 30, 2014 10:47 AM EDT
Data, the global leader in payment technology and services
solutions, has taken a key step to provide consumers with spending
flexibility and help businesses grow through the acquisition of Gyft
Inc., the Silicon Valley-based company that entered the $100 billion
gift card market in 2012 and pioneered the concept of a mobile wallet
for gift cards. Gyft is the leading digital platform that enables
consumers to buy, send, manage and redeem gift cards using mobile
devices. Financial terms of the deal were not disclosed. The transaction
is expected to close next month pending Gyft shareholders approval.
The power of Gyft is in the mutual benefit it provides to both consumers
and merchants. As more consumers upload gift cards into mobile wallets
on smart phones to check balances or receive offers, and merchants seek
new ways to nurture customer engagement, the gift card has been born
again, digitally, through Gyft.
With more than 200 of the most recognized retailers on its digital gift
card platform, Gyft is a mobile wallet accessible by website and as a
free app on iPhone and Android devices. The company brings an active and
loyal user base of demographic groups such as millennials, who
increasingly expect a highly personalized customer experience. Now,
First Data’s clients, including its more than 300 national retail
prepaid clients, will have access to this new and growing distribution
channel to adopt the next level of gifting, expand their gift card
footprint and programs and add choice for consumers. In addition, to
bring these new tools to small business owners who have adopted First
Data’s Clover™ Station, an elegant touchscreen point-of-sale solution,
Gyft for SMBs will be added to the Clover App Marketplace.
Virtual and mobile cards are gaining share rapidly in the near $100
billion U.S. gift card market. Retailers reported that, on average,
loads onto digital cards tripled from 2012 to 2013, according to
Mercator Advisory Group’s annual survey of retailers. First Data’s
research shows that electronic gift card sales grew 71 percent from 2012
to 2013. “Retailers need to begin tapping into digital distribution
channels to be responsive to early-adopter customers and stay
competitive for the long term,” said Ben Jackson, Director of Mercator’s
prepaid advisory service.
“Gyft, with its mobile gifting platform, and First Data, with its global
scale and distribution network, together will accelerate the growth of
virtual prepaid with powerful new tools for merchants of all sizes to
deepen their relationships with their customers,” said Guy Chiarello,
president, First Data. “This means that the same robust toolset deployed
by big box retailers will be coming soon to small- to mid-sized
businesses, perfectly synched with our mission to offer innovative
solutions to help our clients grow.”
“We are joining First Data to accelerate our growth and significantly
improve the gift card experience for both customers and retailers,” said
Vinny Lingham, co-founder and chief executive officer, Gyft. “As a part
of First Data’s suite of innovation-powered products, Gyft will be added
to a portfolio of technology-driven gift solutions that link advanced
consumer-engagement technology with point-of-sale business solutions.”
Gyft’s exceptional capabilities affirmed by the top 200 retailers in
less than the last two years, combined with First Data’s long-standing
leadership in prepaid solutions and unmatched position serving millions
of merchants create a distinct combination in a rapidly growing market
for virtual gift cards. Data analytics and management tools enable gift
card merchants to send targeted, cost-effective, flexible campaigns
directly to new demographic groups – opening new markets that were
previously not easily accessible. Gyft’s social media platforms offer
retailers meaningful customer interaction and real-time promotions that
will drive revenue, encourage social sharing and build brand awareness.
Additionally, Gyft operates as a comprehensive engine for bulk gift card
sales that can be used for incentive marketing and promotions by
employers and businesses.
The agreement announced today is the latest in a series of innovative
solutions introduced by First Data over the last 12 months to help
merchants and financial institutions grow.
Gyft was founded in January 2012, Gyft provides a gift card platform for
consumers and retailers that lets customers upload, buy, send and redeem
gift cards conveniently from their mobile devices. Gyft is seamlessly
integrated with Facebook so users can send gift cards to their friends
around special events. For more information, visit http://www.gyft.com.
About First Data
Around the world, every second of every day, First Data makes payment
transactions secure, fast and easy for merchants, financial institutions
and their customers. First Data leverages its vast product portfolio and
expertise to drive client revenue and profitability. Whether the choice
of payment is by debit or credit card, gift card, check or mobile phone,
online or at the checkout counter, First Data takes every opportunity to
go beyond the transaction. More information about the company is
available on FirstData.com
as well as on Twitter,
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time.
In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
May. 2, 2016 07:00 AM EDT Reads: 815
SYS-CON Events announced today that DatacenterDynamics has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY.
DatacenterDynamics is a brand of DCD Group, a global B2B media and publishing company that develops products to help senior professionals in the world's most ICT dependent organizations make risk-based infrastructure and capacity decisions.
May. 2, 2016 06:30 AM EDT Reads: 2,509
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls?
In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
May. 2, 2016 06:00 AM EDT Reads: 1,272
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations.
In his session at 18th Cloud Expo, Charles Kendrick, CTO & Chief Architect at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and devel...
May. 2, 2016 04:30 AM EDT Reads: 1,754
The IoT has the potential to create a renaissance of manufacturing in the US and elsewhere. In his session at 18th Cloud Expo, Florent Solt, CTO and chief architect of Netvibes, will discuss how the expected exponential increase in the amount of data that will be processed, transported, stored, and accessed means there will be a huge demand for smart technologies to deliver it.
Florent Solt is the CTO and chief architect of Netvibes. Prior to joining Netvibes in 2007, he co-founded Rift Technol...
May. 1, 2016 11:00 PM EDT Reads: 1,593
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
May. 1, 2016 08:15 PM EDT Reads: 2,096
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
May. 1, 2016 08:00 PM EDT Reads: 1,846
The increasing popularity of the Internet of Things necessitates that our physical and cognitive relationship with wearable technology will change rapidly in the near future. This advent means logging has become a thing of the past. Before, it was on us to track our own data, but now that data is automatically available. What does this mean for mHealth and the "connected" body?
In her session at @ThingsExpo, Lisa Calkins, CEO and co-founder of Amadeus Consulting, will discuss the impact of wea...
May. 1, 2016 07:00 PM EDT Reads: 765
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY.
Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
May. 1, 2016 06:00 PM EDT Reads: 1,169
We’ve worked with dozens of early adopters across numerous industries and will debunk common misperceptions, which starts with understanding that many of the connected products we’ll use over the next 5 years are already products, they’re just not yet connected. With an IoT product, time-in-market provides much more essential feedback than ever before. Innovation comes from what you do with the data that the connected product provides in order to enhance the customer experience and optimize busi...
May. 1, 2016 05:00 PM EDT Reads: 1,036
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited.
In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
May. 1, 2016 04:30 PM EDT Reads: 1,484
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities.
One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
May. 1, 2016 04:00 PM EDT Reads: 958
SYS-CON Events announced today that Enzu, a leading provider of cloud hosting solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY.
Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to foc...
May. 1, 2016 03:15 PM EDT Reads: 1,044
SYS-CON Events announced today that Stratoscale, the software company developing the next generation data center operating system, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY.
Stratoscale is revolutionizing the data center with a zero-to-cloud-in-minutes solution. With Stratoscale’s hardware-agnostic, Software Defined Data Center (SDDC) solution to store everything, run anything and scale everywhere...
May. 1, 2016 01:30 PM EDT Reads: 1,582
Digital payments using wearable devices such as smart watches, fitness trackers, and payment wristbands are an increasing area of focus for industry participants, and consumer acceptance from early trials and deployments has encouraged some of the biggest names in technology and banking to continue their push to drive growth in this nascent market. Wearable payment systems may utilize near field communication (NFC), radio frequency identification (RFID), or quick response (QR) codes and barcodes...
May. 1, 2016 01:30 PM EDT Reads: 824