Gift Card Firm SVM Expands Verticals with 1to1 Card Buy
Gift card provider SVM has bought 1to1 Card, whose prepaid program management services cover incentive, loyalty, rebate, payroll and general purpose loyalty cards. SVM, which before this deal had focused on closed-loop cards such as those used for inventory management, customer service, gasoline and other purposes, did not detail the financial terms of the deal.
1to1 initially will keep its branding and 1to1 CEO and President Mark Tepper will become an SVM senior vice president, Marshall Reavis, founder and CEO of SVM, tells Paybefore. The acquisition will enable SVM to expand its products and services, becoming what the company calls “a single source for both open and closed loop cards with customization capabilities for a wide variety of products.” For instance, it could offer a combined open- and closed-loop gas card product that also has a digital component, Reavis says.
“In acquiring 1to1 Card, we are furthering SVM’s leadership in the incentive, rewards and loyalty markets,” he adds. “We see many benefits for our customers including superior economics and incremental products.”
SVM serves more than 350 accounts, including from such clients as ExxonMobil, Lowes, Amazon, CVS, iTunes, Starbucks, Chevron and Texaco. SVM’s Phillips 66 TANK5 Promotion is a 2016 Pay Awards winner and 1to1 Card won a Judge’s Choice Award in the 2015 Paybefore Awards for its virtual health care payments solution. Both SVM and 1to1 are based in Illinois.