Synchrony has announced its acquisition of Loop Commerce, a Menlo Park, California-based provider of the GiftNow digital and in-store gifting services.
According to the Stamford-headquartered company, the acquisition will enable Synchrony incorporate personalized digital and in-store gifting into its retail and customer loyalty programs. GiftNow is used by high-profile brands including Athleta, Banana Republic, DXL, Neiman Marcus, Saks Fifth Avenue, Target and Vera Bradley. The financial terms of the acquisition were not made public.
“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. “Our disciplined approach to growth and investments is designed to help us better execute in the digitally transforming world. 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.”