FIS Adds Loyalty Provider
FIS has acquired ValueCentric Marketing Group Inc. in a bid to expand its loyalty solutions into healthcare, retail, petroleum, transportation and government markets.
The purchase will add 43 million loyalty and rewards accounts and one of the nation's largest local and regional merchant-funded coalition networks to the FIS portfolio of more than 7,000 loyalty programs for 3,500 financial services institutions, the company said.
Terms were not disclosed.
"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 with FIS in Jacksonville, Fla.
"The combination of our two companies creates an entity that will lead the loyalty market in scale, processing power and innovation," said Raymond H. Stanton, founder and CEO of VCMG in Binghamton, N.Y.
The VCMG acquisition closely follows FIS' $292 million purchase of Capco, a financial services technology consultancy with more than 1,000 professionals in multiple locations 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.