CouponCloud Announces Financial Investment By DST Systems
KANSAS CITY, Mo., Feb. 4, 2015 /PRNewswire/ -- CouponCloud, a cloud-based Consumer Packaged Goods (CPG) coupon redemption and processing company, has announced receipt of an investment by Kansas City-based DST Systems. Terms of the investment were not disclosed.
The investment positions CouponCloud to accelerate development of its retail component, which validates and reconciles grocery coupons at the point of sale. CouponCloud's Coupon Management Platform is being released to select CPG and agency clients.
Over 300 billion paper coupons are issued annually in the U.S., and of those that are redeemed, the redemption process is long, expensive, and labor intensive. The current industry process still uses manual labor to sort, validate, count, and reconcile paper coupons. For the retail industry, this involves collecting redeemed coupons and shipping them to processors followed by a waiting period of weeks or months for reimbursement.
Matthew Simrell, CouponCloud's CEO, noted, "When we founded this company, it was because we discovered an enormous opportunity to bring efficiency to this industry with technology. The investment by DST Systems enables us to take a significant step forward in our efforts to deliver an efficient cloud-based solution to market and revolutionize the antiquated processes still being used for redeeming coupons. Once implemented, many of our clients will see drastically reduced processing costs, shorter reimbursement times, and improved controls over coupon fraud."
The company's Coupon Management Platform works in tandem with its coupon redemption platform, which validates coupons when read by a retail point-of-sale system, charges manufacturers for the coupon face value, and reimburses retailers in real time. The platform is designed for high-speed, high-volume transactions.
According to Nick Doyle, Director of Business Development at DST, CouponCloud's coupon processing services share certain parallels with DST's processing services.
"Processing high volume transactions are an important part of both businesses," said Doyle, "and we believe that DST and CouponCloud may be able to advise each other on strategies to extend and enhance both companies' technological and processing capabilities."
CPGs, retailers, and others interested in learning more about CouponCloud can contact the company via its website at couponcloud.com.
About CouponCloud: CouponCloud is an early stage technology company that provides Consumer Packaged Goods companies and retailers with a secure system to develop, administer, collect and redeem coupons. The company's technologies have been developed based on retailer and manufacturer needs. Formed in late 2013, the Kansas City, MO based company participated in the 2014 SparkLabKC accelerator class. For more information, visit www.couponcloud.com
About DST: DST Systems, Inc. is a leading provider of sophisticated information processing and servicing solutions to companies around the world. Through its global enterprise, DST delivers strategically unified data management, business processing and customer communications solutions to the asset management, brokerage, retirement, and healthcare markets. Headquartered in Kansas City, MO., DST is a publicly-traded company on the New York Stock Exchange. For more information, visit www.dstsystems.com
SOURCE CouponCloud
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