Blackhawk Network has announced that it is intending to acquire corporate incentives and consumer promotion company InteliSpend Prepaid Solutions.
The acquisition is planned to take place on November 8th, and is subject to customary closings, including regulation approval.
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Blackhawk, a subsidiary of Safeway Inc, is an industry leader in prepaid and financial payment products, and is one of the largest third party providers of prepaid cards. That, with InteliSpend’s corporate incentives and consumer promotions, will allow Blackhawk to offer them to their clients.
“Blackhawk has become one of the largest third party providers of prepaid cards and payment solutions to consumers through its network of content providers and points of retail distribution. The acquisition of InteliSpend gives us a very strong entry into the complementary corporate incentives and consumer promotions channels,” said Bill Tauscher, Blackhawk Network CEO on the upcoming acquisition.
InteliSpend will be operated as business unit of the future parent company, Blackhawk, and is intended to be stationed directly under Talbott Roche, Blackhawk Network president