FIS Buys Loyalty Program Provider
FIS plans to expand its loyalty solutions into healthcare, retail, petroleum, transportation and government markets with its latest acquisition, the Jacksonville, Fla., company said.
Last week's purchase of ValueCentric Marketing Group Inc. of Binghamton, N.Y., will add 43 million loyalty and rewards accounts and one of the nation's largest local and regional merchant-funded coalition networks to its portfolio of more than 7,000 loyalty programs for 3,500 financial services institutions, FIS said.
"FIS is a well-established leader of loyalty innovation to the financial services market and this transaction allows us to expand that innovation into other strategic growth areas," said Bob Bream, president of North America Card and Payment Solutions at FIS in Jacksonville, Fla.
Terms were not disclosed. The VCMG acquisition closely follows FIS' $292 million purchase of Capco, a financial services technology consultancy with more than 1,000 professionals worldwide.
FIS is a global provider of banking and payments technologies and provides at least one product or service to 5,436 credit unions, the company said, including core processing to 385.