NEW YORK, Sept. 9 /PRNewswire/ -- Transactis Inc., a provider of electronic billing and payment services, announced that it has acquired New York based digital coupon start-up, OfferIQ. Since being founded a year ago, OfferIQ has gained momentum in the market place with its Virtual Incentive Platform which connects retailers and consumers through loyalty programs and electronic coupons.
"This rapidly evolving industry that is creating greater opportunities for consumer engagement through their charge and debit cards, led to this acquisition," said Transactis Chairman and CEO Joe Proto. "The seamless convergence of electronic billing, payments, promotions, and customer incentives has been a vision for the entire industry for a long time. This acquisition finally makes this vision a reality. The added benefit of acquiring the OfferIQ team will enable Transactis to better serve our client base and to accelerate growth substantially."
"The synergies that existed between the two companies made it a compelling decision to join forces," said OfferIQ Chairman and CEO Paul Harkins. "With our recent contracts and influx of a significant amount of new business, being acquired by Transactis allows OfferIQ to scale overnight. The products and resources that Transactis brings to this deal will make us even more valuable to our partners in the retailing and banking industries."
The OfferIQ brand will become a product line within the Transactis portfolio of services, bringing the ability for retailers to seamlessly distribute and redeem virtual coupons and other targeted promotions. With OfferIQ, retailers gain a new means to drive sales without additional point-of-sale hardware, software, or sales associate training.
Financial terms were not disclosed. Proto was an investor and board member of OfferIQ prior to the acquisition. The combined companies will continue to operate under the Transactis name with corporate headquarters in New York, and offices in Dallas and Charlotte.
The acquisition brings together a management team with a wealth of experience in the transaction card services industry as entrepreneurs and senior management. Joe Proto will remain CEO and Chairman, while Paul M. Harkins will be named President of Transactis. Scott Cruickshank, President & COO of Offer IQ, will be named Chief Operating Officer. Proto, Harkins and Cruickshank will also serve on the company's board of directors.
Proto founded REMITCO, a remittance processing company that was acquired by First Data in 2000, and also Financial Telesis, which was acquired by CoreStates, now part of Wells Fargo, in 1992. Proto also co-founded Windham Ventures (an innovation leader in financial and life sciences technology), is an LP with Metamorphic Ventures (focused on transactional media) and is an advisor to Data Impact. Harkins served as Chairman and CEO of OfferIQ, as well as its parent company, Astorenearme Inc. Harkins also founded inStream Media Inc., a venture-capital backed, point-of-purchase advertising company. Cruickshank has over 20 years of experience in the payments industry, and has held executive roles at CyberSource Corporation, Chase Paymentech Solutions, First Data Merchant Services, MasterCard International.
"The new team adds management depth that provides compelling value as more banks and retailers utilize our services," Proto said. "With this leadership in place and the variety of disciplines represented in upper management, we have built a company with an entrepreneurial heart coupled with rich experience to serve our growing customers."
Transactis, Inc. (www.transactis.com) is a leading provider of electronic bill presentment and payment (EBPP) solutions, including BillMail®, the patent-pending, secure email billing platform, and BillerExpress™, an integrated EBPP suite sold by banks and payment processors to small and middle-market treasury clients. BillMail® delivers a secure ebill directly into the customer's in-box to be safely viewed and paid from within the email, helping billers dramatically lower the high cost of postage, paper and print while decreasing DSO's (days sales outstanding). BillerExpress™ was created for banks and payment processors looking for a feature rich, low cost, PCI-compliant and easy to implement EBPP solution for their treasury clients.
OfferIQ, a division of Astorenearme, Inc, is a private company based in New York City that has partnered with industry leaders in the retail and payments space to bring a paper-free coupon delivery and redemption solution to market. The Virtual Incentive Platform gives retailers the ability to distribute in-store shopping discounts to consumers via their mobile phone, social media platforms, or email. Incentives are attached to the use of a consumer's existing debit/credit card and redeemed through the payment process, therefore eliminating the need for any in-store point-of-sale modifications or staff training. Offer IQ provides a seamless solution for both retailers and consumers that works with virtually any mobile phone or point-of-sale system.
SOURCE Transactis Inc.