Blackhawk Network inks agreement to acquire Rewards-as-a-Service platform Tango Card
US paytech Blackhawk Network (BHN) has signed an agreement to acquire Rewards-as-a-Service (RaaS) platform Tango Card for an undisclosed sum.
Founded in 2009 and based in Seattle, Tango specialises in enabling B2B companies to distribute gift cards, prepaid cards, and other incentives to consumers and employees through its API-based RaaS platform and rewards solutions.
The proposed takeover is expected to combine BHN’s digital rewards management platform with Tango’s incentives platform, with the move expected to be completed “later this year”, subject to customary regulatory approval.
Speaking on the acquisition, David Leeds, founder and CEO of Tango, describes the move as a “once-in-a-company opportunity” that will enable the platform to continue developing its services and better meet its customers’ needs.
The platform already has an established history with BHN, given that the payments provider previously acted as an early-stage investor for the company. Likewise, the deal also brings BHN back into contact with Tango’s growth equity investor, FTV Capital, after BHN acquired the gift card commerce solutions provider CashStar from its portfolio back in August 2017.
Talbott Roche, CEO and president of BHN, describes Tango’s offering as “the perfect complement to BHN’s global product portfolio”, and says the deal will fuel its endeavour to provide “scalable solutions and innovation to the rewards and incentives industry”.