Pine Labs on Wednesday announced that it has signed a definitive agreement to acquire Bangalore-based gift card solutions provider, Qwikcilver, for $110 million, subject to closing conditions. The transaction has been funded from the company’s cash reserves and additional funding from existing investors.
Pine Labs processes annualized payments of $20 billion. This acquisition will bring together the strengths of Pine Labs’ merchant-focused and Qwikcilver’s brand-focused software-as-a-service (SaaS) technology platforms, and augment their Indian and international market reach.
