Merchant commerce omnichannel company Pine Labs has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited at an undisclosed amount.
This acquisition will boost the capabilities of Pine Labs’ issuing business under the Qwikcilver brand, enabling it to strengthen its offerings across employee rewards and recognition, customer loyalty programs, and channel partner programs for medium and large enterprises, the company said.
Kumar Sudarsan, President of Issuing Business, Pine Labs, said, “With Saluto’s platform, we expect to further enhance our leadership across enterprise rewards, recognition, incentive and engagement programs. Saluto’s multi-tenant and enterprise-grade offering will give us additional capabilities to complement our strengths. Their solution, integrated with our offerings, will help us deliver more programs to our existing enterprise clients – resulting in larger and more long-term engagements.”
Pine Labs has a presence in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with Pine Labs in September 2022.
Citing Future Market Insight, the company said the loyalty program market in India is expected to grow at a CAGR of 15 per cent over the next decade, and is projected to reach $10.8 billion by 2031.