Heartland Payment Systems (NYSE:HPY), a leading provider of credit/debit/prepaid card processing, payroll, check management and payments solutions, has closed on its acquisition of Chockstone, a privately held provider of gift card programs and loyalty solutions.
Terms of the agreement were not disclosed.
Based in Portland, OR, Chockstone's loyalty platform helps businesses of all sizes identify their most profitable customers and market to their unique needs - thereby increasing the frequency of their visits and the size of their average purchases. Using real-time analysis of guest behavior, the technology creates targeted point-of-sale-based promotions. Chockstone's loyalty marketing and gift card solutions are used by leading brands in more than 65,000 restaurant, convenience store, and other retail locations in North America - including Subway, Tully's Coffee and Plaid Pantry.
"Heartland's acquisition of this premier niche provider expands our ability to equip businesses nationwide with enhanced gift card and loyalty programs," said Robert O. Carr, chairman and chief executive officer of Heartland Payment Systems. "Chockstone's strong solution provides added value to business owners who want to improve and maximize their customer relationships."
"We are very excited to become part of Heartland, a company widely respected by business owners and the industry," said Jeff Lipp, chief executive officer of Chockstone. "By adding Chockstone's services to its payments services, Heartland can offer merchants proven loyalty and gift card programs that provide a competitive edge in the market today. Heartland believes, as we do, that if you invest in your customers, you'll earn their loyalty."