Synchrony to acquire Loop Commerce
Synchrony is expanding into the fast-growing market of digital and in-store gifting.
The financial services company said it has entered into a definitive agreement to acquire Loop Commerce, whose services and solutions include GiftNow, an e-gifting platform for retailers. The platform is currently used by such brands as including Athleta, Banana Republic, DXL, Neiman Marcus, Saks Fifth Avenue, Target and Vera Bradley. (The digital and in-store gifting market segment is estimated to be more than $400 billion in sales and growing, according to a report by Deloitte.)
The acquisition will help diversify Synchrony’s business, broaden its reach, provide more strategic value and capabilities for partners, and deepen its technology portfolio.
“The acquisition of Loop Commerce allows Synchrony to move into an adjacent space by expanding our suite of products and services for retailers and consumers,” said Margaret Keane, president and CEO of Synchrony. “The acquisition of Loop Commerce will deepen our bench of digital talent and create new capabilities in gifting, as we continue working toward creating the most compelling consumer experience at every touch-point.”
Founded in 2012, Loop Commerce is widely regarded as helping to pioneer the market of gift-commerce. Its GiftNow platform allows retailers to offer consumers an innovative way to shop, buy and deliver any product as a gift from their online store — and the gift recipient can change the color, size or even the item before it ships.
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