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,
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Jan. 18, 2017 06:15 PM EST Reads: 4,182
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jan. 18, 2017 05:30 PM EST Reads: 4,858
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Jan. 18, 2017 05:00 PM EST Reads: 1,149
Hardware virtualization and cloud computing allowed us to increase resource utilization and increase our flexibility to respond to business demand. Docker Containers are the next quantum leap - Are they?!
Databases always represented an additional set of challenges unique to running workloads requiring a maximum of I/O, network, CPU resources combined with data locality.
Jan. 18, 2017 05:00 PM EST Reads: 220
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files.
He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Jan. 18, 2017 04:45 PM EST Reads: 4,878
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jan. 18, 2017 04:45 PM EST Reads: 5,364
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Jan. 18, 2017 04:45 PM EST Reads: 4,560
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
Jan. 18, 2017 04:30 PM EST Reads: 4,745
In their general session at 16th Cloud Expo, Michael Piccininni, Global Account Manager - Cloud SP at EMC Corporation, and Mike Dietze, Regional Director at Windstream Hosted Solutions, reviewed next generation cloud services, including the Windstream-EMC Tier Storage solutions, and discussed how to increase efficiencies, improve service delivery and enhance corporate cloud solution development.
Michael Piccininni is Global Account Manager – Cloud SP at EMC Corporation. He has been engaged in t...
Jan. 18, 2017 03:45 PM EST Reads: 4,694
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Jan. 18, 2017 03:30 PM EST Reads: 3,678
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Jan. 18, 2017 03:30 PM EST Reads: 3,400
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 18, 2017 02:45 PM EST Reads: 1,587
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...
Jan. 18, 2017 02:15 PM EST Reads: 980
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
Jan. 18, 2017 02:00 PM EST Reads: 393
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Jan. 18, 2017 02:00 PM EST Reads: 929