Digital Transactions Authoritative, insightful and timely information for payments professionals
Prepaid payments provider InComm Inc. announced the acquisition of Meridian Loyalty, an incentives provider for large corporations. Separately, Fleetcor Technologies Inc. said it will acquire Sole Financial, a payroll card provider.
Atlanta-based InComm said its acquisition of St. Louis-based Meridian will boost its incentive business for corporations. Among Meridian’s specialties are business-to-business and employee loyalty programs. It also offers group travel and e-commerce services. Terms were not disclosed.
“Incentives and rewards have become essential tools for brands to engage their audiences, so we are working towards helping our customers maximize the performance of their programs,” Brooks Smith, InComm chief executive, said in a statement.
Meanwhile, Fleetcor, an Atlanta-based business-to-business payments provider, announced its latest acquisition, that of Sole Financial, a Portland, Ore.-based payroll card provider. Terms were not disclosed.
Fleetcor said Sole, which markets its services as the Sole Paycard, will be combined with Fleetcor’s existing digital paycard business. The card bears a Visa brand and is issued by the Central Bank of Kansas City, Axiom Bank N.A., and The Bancorp Bank.
“Sole is a good strategic fit with our existing payroll card business, allowing us to significantly expand our footprint among small-to-medium businesses in addition to the larger enterprises we currently serve,” Ron Clarke, Fleetcor chairman and chief executive, said in a statement. “In addition, Sole has built an extensive ‘referral network’ among payroll processors and [professional employer organization] firms, that we hope to extend.” A professional employer organization firm is an outsourcing firm.
