US e-payments processor First Data has signed an agreement to acquire InComm, an Atlanta-based provider of stored value gift cards and pre-paid products. Financial terms and conditions of the deal were not disclosed.
First Data says the acquisition, which is expected to close in the second quarter, will be accretive.
Founded in 1992, InComm is one of the US's largest distributors of stored value gift and debit cards, pre-paid wireless products and bill payment systems. The vendor also provides stored valued product marketing and technology to markets in Europe and Canada.
First Data says InComm made over $300 million in net revenue last year.
Following the acquisition Brooks Smith, current president and CEO of InComm, will become head of First Data's global pre-paid services division.
Commenting on the deal, First Data president, Ed Labry, says: "The combination of First Data and InComm propels us into having a holistic prepaid product suite that includes banking products, payroll solutions, closed and open loop gift cards and now expanded distribution."