InComm, the Atlanta-based prepaid payments processor, has purchased an Austrian firm to expand its reach into Europe.
Based near Salzburg, TibiDono launched in 2009 to distribute vouchers and gift cards in retail stores and online.
InComm has steadily expanded its presence throughout Europe since it entered the market in 2006 with what the company says was the continent’s first gift card mall — those massive display stands in stores or online bazaars where customers can purchase a variety of gift cards from major retailers.
The companies say their combination will be beneficial for both: InComm will get the TibiDono’s expertise in the European market, while TibiDono will join an InComm network that has 200 products in more than 17,500 stores in Europe, along with an extensive network in the U.S. and globally.
InComm recently announced that it would invest $20 million in its Atlanta headquarters and data centers and call centers throughout Georgia.
Chief Financial Officer Scott Meyerhoff told Global Atlanta at the announcement that the company is intent on reaching into new geographies from an even stronger base in Atlanta, which he said is an “epicenter” for payment technology where the company can find the requisite skilled workforce.
“Our business is very complicated. It’s not just a transaction-processing technology; it’s also logistics, it’s production, it’s a call center, it’s warehouse distribution all throughout the world,” he said.
Prepaid is among the fastest-growing categories in payments, and especially in emerging markets, some are bypassing credit and debit and headed straight for what’s known in the industry as “stored-value” payment methods in the form of a plastic card or even online.
TibiDono will operate as a subsidiary of InComm and will still be based in Salzburg, according to the release, which did not disclose financial terms of the deal.
Learn more about InComm’s global operations here.