This acquisition is a strategic move by FIS to enhance the company's intellectual property for its loyalty and rewards offerings. It also enables FIS to expand its loyalty solutions into the healthcare, retail, petroleum, transportation and government markets, [image-nocss] which are strategic growth markets for the company.
FIS currently supports more than 7,000 loyalty programs for 3,500 financial services institutions and processes more than 10 million consumer loyalty accounts. The acquisition of VCMG adds 43 million loyalty and rewards accounts to the FIS portfolio as well as one of the largest local and regional merchant-funded coalition networks in North America.
"In the past several years, loyalty programs have moved beyond traditional credit card rewards systems," said Bob Bream, president of North America card and payment solutions forFIS. "FIS is a well-established leader of loyalty innovation to the financial services market and this transaction allows us to expand that innovation into other strategic growth areas."
"We are excited to become part of FIS," said Raymond H. Stanton, founder and CEO of VCMG. "The combination of our two companies creates an entity that will lead the loyalty market in scale, processing power and innovation."
VCMG is a loyalty and rewards software provider delivering technology and marketing solutions through its ValueSYS platform in the following industries: financial, retail, petroleum, healthcare and merchant coalition. The company is headquartered in Binghamton, N.Y.
FIS is a major global provider dedicated to banking and payments technologies.It serves more than 14,000 institutions inmore than100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions.
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