SVM acquires prepaid card services company
ARLINGTON HEIGHTS -- Business gift card solutions company SVM said it has acquired 1to1 Card of Woodridge.
Terms of the acquisition were not announced
1to1 Card delivers prepaid card management services for multiple payment products including incentive, loyalty and promotional cards, rebates, pay cards, and general purpose reloadable cards.
With the acquisition, SVM becomes a single source for both open and closed loop cards with customization capabilities for a wide variety of products, the company said in a release. SVM's acquisition of 1to1 Card will enhance the company's incentive business and bring a host of new products, services and expertise to its vast business-to-business customer network.
"In acquiring 1to1 Card, we are furthering SVM's leadership in the incentive, rewards and loyalty markets. We see many benefits for our customers including superior economics and incremental products," said Marshall Reavis, founder and CEO of SVM. "In a market where the competitive landscape is so challenging, this is a significant advantage for our customers, when looking at the bottom line.
"Ultimately, we represent a notable alternative in the marketplace with our ability to provide one-stop shopping and a distinctive level of partnership because of the value we place on our customer relationships," Reavis added.
He said SVM's deep closed loop product portfolio and fulfillment service offerings will provide benefits for 1to1 Card customers including new products as well as augmented convenience and efficiencies.
1to1 Card CEO and President Mark Tepper said SVM will bring "an unparalleled opportunity to 1to1 Card and our loyal customers as we expand our capabilities and leverage SVM's well-established closed loop partnerships.
"Their business complements our prepaid card solutions and we are excited for a future that combines the knowledge and expertise of 1to1 Card and SVM," Tepper said.