Synchrony, the largest provider of private label credit cards in the United States, announced they have entered into an agreement to acquire Loop Commerce.
Loop Commerce is a technology provider related to digital and in-store gifting services.
This will deepen Synchony’s reach with major traditional and eCommerce retailers to add Loop Commerce patented GIFTNow platform and service.
Here is the Full Press Release From Synchrony
Synchrony today announced a definitive agreement to acquire Loop Commerce, a technology leader in digital and in-store gifting services with its award-winning and patented GiftNow® platform and service.
The acquisition will help diversify Synchrony’s business, broaden its reach, provide more strategic value and capabilities for partners, and deepen its technology portfolio.
“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.”
Synchrony is acquiring Loop Commerce to make it faster and easier for partners to incorporate personalized digital and in-store gifting by marrying the simplicity of Loop Commerce’s unique technology platform with Synchrony’s deep consumer financial services experience, strong retail partnerships and loyalty programs.
The digital and in-store gifting market segment is estimated to be more than $400 billion in sales and growing.
As a leader in this market, Loop Commerce provides partners with new ways to address critical pain points, such as loss of sales due to shopping and checkout friction, customer acquisition, shipping cutoff dates, merchandise return costs, and shipping costs.
“Loop Commerce has pioneered the market of gift-commerce. By working with Synchrony we can rapidly expand our footprint, and further drive and fuel new business opportunities with our retail and ecosystem partners,” said Roy Erez, Loop Commerce CEO and co-founder.
“Connecting Synchrony’s industry expertise, resources and presence with our innovative technology, will allow us to fast track the transformation of g-commerce and provide even stronger value and capabilities to our customers and partners.”
Headquartered in Menlo Park, CA, Loop Commerce’s GiftNow® service is already integrated and used by high-profile brands including Athleta, Banana Republic, DXL, Neiman Marcus, Saks Fifth Avenue, Target and Vera Bradley.
Among its many services, Loop Commerce’s patented GiftNow® technology solution seamlessly integrates with retailers’ online stores through cloud-based software.
GiftNow® offers retailers an innovative and frictionless service for their consumers to shop, buy and deliver any product as a thoughtful gift from their online store — and the gift recipient can change the color, size or even the item before it ships.
Loop Commerce’s partners will benefit greatly from Synchrony’s deeper data and insights to help them grow their businesses.
Combining Loop Commerce’s technology, data behavior science and user experience expertise with Synchrony’s robust data, analytical and digital capabilities, will allow the two to directly address some of the retail industry’s greatest challenges in innovative and powerful ways.
Loop Commerce will continue to operate as a wholly-owned subsidiary of Synchrony as they expand their team in Menlo Park, CA.