Two major players in the world of merchant-funded discounts are tying the knot in what is positioned as a “growth merger.” Cartera Commerce (ex-Mall Networks) and Vesdia, both privately held, will together maintain relationships with four out of the five top credit card issuers and three out of four top US airlines.
Cartera chief executive Tom Beecher will be CEO of the combined company, which will retain the Cartera Commerce name. He says that the combined company will have 150 employees (about half from Vesdia, and half from Cartera), and that he doesn’t anticipate any layoffs, or the closure of Vedia’s Atlanta facility.
“We think of this as a growth merger,” Beecher says. “Our plan is to continue growing in both locations.” (He says that in Lexington, the company is currently hiring in the technology and sales departments.) Vesdia CEO Jim Douglass will also stick around in an executive vice president role, and also as a board member.
Vesdia’s owner, venture capital firm Comvest, will be the largest owner in the combined firm.