Barclaycard UK has announced that it is acquiring European paymentsand loyalty specialist The Logic Group and the deal is expected to be finalizedin the fourth quarter, however the financial terms of the deal were notdisclosed.
The deal will see The Logic Group’s UK and Spanish clientsbe incorporated into Barclaycard’s merchant acquiring business. However, theacquisition was not largely designed to acquire new business but to benefitfrom The Logic Group’s technology which can allow customers to create robust loyaltyand data insight programs. Barclaycard will also implement The Logic Group’stransaction processing capabilities from multiple sales channels including thephysical store as well as digital channels like online and mobile through asingle platform.
Commenting on the deal, Valerie Soranno Keating, chiefexecutive of Barclaycard said, “There is a strong fit between our twobusinesses, most notably in our shared commitment to innovation and customerservice and mutual recognition of the role of technology in driving changeacross the payments industry.”
Barclaycard has made several announcements this yearhighlighting its renewed push in the merchant acquiring space including thelaunch of its own mobile point-of-sale (mPOS) terminal. This latestannouncement ensures that Barcalycard has similar capabilities to rivalacquirers in the UK that have begun to use firms like Cardlytics to helpdifferentiate them.
Read full story at Finextra