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,
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY.
Register for 'Docker Meets Kubernetes Workshop' Here!
This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 29, 2016 02:00 PM EDT Reads: 2,019
The IoT is changing the way enterprises conduct business.
In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 29, 2016 02:00 PM EDT Reads: 2,956
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform.
In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 29, 2016 01:00 PM EDT Reads: 1,977
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future.
In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 29, 2016 12:45 PM EDT Reads: 1,676
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions.
Learn why having a full disaster recovery strategy is more important now than ever before
Explore the key drivers of a successful disaster recovery solution
Achieve measurable operational and business value from a disaster recovery ...
May. 29, 2016 11:30 AM EDT Reads: 1,443
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure.
The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
May. 29, 2016 11:15 AM EDT Reads: 615
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...
May. 29, 2016 11:00 AM EDT Reads: 705
SYS-CON Events announced today that Hanu Software 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.
Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 29, 2016 11:00 AM EDT Reads: 1,433
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 29, 2016 10:30 AM EDT Reads: 1,273
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York.
“CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 29, 2016 10:30 AM EDT Reads: 1,301
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 29, 2016 10:00 AM EDT Reads: 2,513
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 29, 2016 09:45 AM EDT Reads: 2,028
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 29, 2016 09:30 AM EDT Reads: 2,307
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT 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.
Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 29, 2016 09:15 AM EDT Reads: 732
SYS-CON Events announced today that MobiDev 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.
MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 29, 2016 08:15 AM EDT Reads: 2,752