Source: Blackhawk Network
Blackhawk Network, a leading prepaid and payments network announced today a definitive agreement under which Blackhawk will acquire all outstanding shares of Parago, Inc. for approximately $290 million.
Parago is a leader in providing global incentive and engagement solutions that drive customer acquisition, employee retention and enable and engage channel sales partners. The acquisition will add significant capabilities to Blackhawk's already extensive incentive solutions business.
"Blackhawk has continued to grow its business solutions in the prepaid payment industry around the world", said Bill Tauscher, Blackhawk's chief executive officer. "Adding Parago into our portfolio is a significant step forward for Blackhawk's expansion plans in the large but fragmented incentives market."
"Blackhawk is excited to add Parago's capabilities and leadership to our growing corporate incentive business", said Talbott Roche, Blackhawk's president. "Parago's award-winning solutions will allow us to deliver expanded capabilities and products and enhance Blackhawk's leadership position in the consumer and corporate incentives markets. Their business complements our solutions from InteliSpend and CardLab, two other leading incentives businesses that we acquired over the past twelve months."
Parago is a premier provider of end-to-end engagement management programs for consumers, sales channels and employees and is committed to designing the most forward-thinking and impactful programs. Its client roster includes more than 250 customers, including Fortune 100 companies, multi-national corporations and global consumer brands.
"Blackhawk brings an unprecedented opportunity for scale and globalization in the incentive and loyalty space, access to well‐established prepaid content partnerships, as well as new digital and mobile technologies," said Juli Spottiswood, president and CEO of Parago. "As part of Blackhawk, we believe all our partners and customers will benefit from our expanded capabilities, products and services."
Parago will operate as a subsidiary of Blackhawk Network and will remain headquartered in Dallas, Texas. Juli Spottiswood of Parago will lead Blackhawk's incentive business and report to Talbott Roche, Blackhawk Network president.