- Blackhawk Network is acquiring incentive delivery technology company Tango Card.
- Founded in 2009, Tango Card has experienced 800% growth since 2018.
- Terms of the deal, which is expected to close later this year, were undisclosed.
It takes two to tango. That’s what prepaid card and payments products provider Blackhawk Network (BHN) may have realized this week. The California-based company has acquired incentive delivery technology company Tango Card for an undisclosed amount.
Once the deal closes, BHN clients, along with Tango’s existing customers, will benefit from Tango’s B2B incentives platform and customer support. Tango was founded in 2009 to help enterprises reward their employees with a prepaid card, charity donation, direct deposit, or via a selection of more than 1,000 gift cards. The company, which first demoed at FinovateFall 2016, experienced significant growth in the past six years, having grown 9x, equivalent to 800%.
“Joining BHN at this time provides a once-in-a-company opportunity to continue innovating in this space, better support our customers’ evolving global needs and create awesome experiences for recipients,” said Tango Founder and CEO David Leeds.
BHN, which is best known for its gift cards and egifts, also offers rewards and incentives tools for enterprises to gift employees, customers, and suppliers. Additionally, the company has a digital payment system for corporate payouts, relief support, and more.
“We have been a longtime partner to Tango and were also an early investor. We are thrilled with the opportunity to combine the best of BHN with the best of Tango to provide leading, global, scalable solutions and innovation to the rewards and incentives industry,” said BHN President and CEO Talbott Roche.
The deal, which marks BHN’s 14th acquisition since it was founded in 2001, is expected to close later this year.