Pine Labs completes Qwikcilver acquisition for $110 million

Our Bureau Mumbai | Updated on April 19, 2019 Published on April 19, 2019

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Pine Labs, a leading merchant platform, on Friday confirmed that it has completed the acquisition of gift card solutions provider Qwikcilver.

It may be recalled that Pine Labs had on March 19 announced the signing of a definitive agreements to acquire Qwikcilver for $110 million. This acquisition was funded via internal cash reserves and with additional funding from existing investors.

With this acquisition, Qwikcilver and Pine Labs now have a combined gift solutions business comprising 250 brands and retailers and 1500 enterprise customers – the largest such business in India.

Kumar Sudarsan, co-founder and CEO, Qwikcilver, has joined the Pine Labs leadership team.

Published on April 19, 2019
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