Synchrony diversifies portfolio by entering G-Commerce space
STAMFORD, Conn.--(BUSINESS WIRE)--Synchrony (NYSE: SYF), a premier consumer financial services company delivering customized financing programs, today announced it has completed the acquisition of Loop Commerce – a technology leader in digital and in-store gifting services.
The company, now known as Loop Commerce, a Synchrony Solution, broadens Synchrony’s technology capabilities with product lines, including GiftNow® - an award winning and patented platform and service for digital and in-store gifting services. This acquisition further strengthens Synchrony’s technology portfolio and focus on digital personalized experiences.
“Delivering a unique and extraordinary customer experience is essential to any company’s competitive position,” said Trish Mosconi, EVP Business Strategy and Development, Synchrony. “With Loop Commerce, we’ve added technical and gifting expertise to address the growing demand from our partners for transformational services that allow them to better address buyer behaviors.”
“Together, Loop Commerce and Synchrony will accelerate G-Commerce, combining the best of technology with the best of commerce,” said Roy Erez, Loop Commerce CEO and Co-Founder. “Synchrony’s deep financial services expertise will enhance our offerings to provide consumers new compelling shopping and gifting experiences where and when they want it. Together with Synchrony we will be able to fast track our investment in innovation and capabilities to benefit our retail customers and partners, and help fuel their growth.”
Morgan Stanley & Co. LLC acted as the financial advisor to Synchrony and Sidley Austin LLC acted as Synchrony’s legal advisor. Steelhead Advisors LLC acted as financial advisor to Loop Commerce. Financial terms were not disclosed; the deal is not expected to have a material impact on Synchrony’s financial results.
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $130 billion in sales financed and 74.5 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch. More information can be found at www.synchrony.com and through Twitter: @Synchrony.
About Loop Commerce
Loop Commerce is driving a paradigm shift in commerce with its award-winning, patented GiftNow® platform and service by removing the obstacles consumers face when trying to buy a physical product as a gift for someone else. As one of the leaders in the Gift-Commerce category, Loop Commerce offers an enterprise-grade, fully customizable solution that powers the digital gifting strategy for leading brands and retailers through a 360-degree platform. Through GiftNow®, retailers are able to offer their customers a full range of gift-shopping capabilities across all online and in-store channels, as well as an enhanced digital gift card experience. By personalizing the gifting process and tackling the challenges associated with commerce and online shopping, Loop makes buying gifts for others not only seamless and stress-free, but also provides consumers an accessible way to choose a thoughtful gift when no other option exists. Loop’s solution allows for a seamless, zero-integration implementation with retailers’ stores and ecosystem partners, unlocking new commerce opportunities and fueling increased business through incremental sales, while reducing costly returns and exchanges and improving customer acquisition and loyalty. The company built and optimized its groundbreaking SaaS solution with significant R&D and collective input from some of the largest and most demanding retail brands. For more information about Loop Commerce, visit our website www.loopcommerce.com, and follow us on LinkedIn.