Omnichannel business trading firm Pine Labs has acquired a proprietary business platform from Bangalore-based Saluto Wellness Private Limited for an undisclosed amount.
This acquisition will boost the capabilities of Pine Labs’ broadcast business under the Qwikcilver brand, allowing it to strengthen its offerings in employee rewards and recognition, customer loyalty programs and channel partner programs for medium and large businesses, the company said. company.
Kumar Sudarsan, President, Issuing Business, Pine Labs, said: “With the Saluto platform, we look forward to further enhancing our leadership in business engagement, recognition, incentive and rewards programs. Saluto’s enterprise-grade and multi-tenant offering will give us additional capabilities to complement our strengths. Their solution, integrated with our offerings, will help us offer more programs to our existing enterprise customers, resulting in larger, longer-term engagements.”
Pine Labs has a presence in prepaid, stored value and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with Pine Labs in September 2022.
Citing Future Market Insight, the company said the loyalty program market in India is expected to grow at a CAGR of 15 percent over the next decade, projected to reach $10.8 billion by 2031.
