Merchant commerce omnichannel company, Pine Labs, on Monday, announced that it has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited. This acquisition is said to boost the capabilities of Pine Labs’ Issuing Business under the Qwikcilver brand, which in turn should enable it to strengthen its offerings across employee rewards and recognition, customer loyalty programmes, and channel partner programmes for medium and large enterprises.
Pine Labs has a leading presence in India in prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with Pine Labs in September 2022. Saluto Wellness was co-founded by Siva Kumar and Anoop Nambiar in 2017.
Commenting on the development, Kumar Sudarsan, President, Issuing Business, Pine Labs, said “With Saluto’s platform, we expect to further enhance our leadership across Enterprise Rewards, Recognition, Incentive & Engagement programmes. Saluto’s multi-tenant, an enterprise-grade offering will give us additional capabilities to complement our strengths. Their solution, integrated with our offerings, will help us deliver more programmes to our existing enterprise clients — resulting in larger and more long-term engagements. The leadership team at Saluto has over 40 years of collective experience across rewards, incentives, and loyalty.”
"Our enterprise solutions are today being used across diverse industry verticals and we are excited to become part of a fast-growing, progressive fintech like Pine Labs and together scale our business further. We have already established a good working relationship with the Pine Labs team and look forward to being a driving force to further Pine Labs’ leadership in this space with innovative outcomes," said K Siva Kumar, Co-founder and CEO of Saluto Wellness.
The loyalty programme market in India is expected to grow at a CAGR of about 15 percent over the next decade, and is projected to reach $10.8 billion by 2031, from nearly $3 billion in 2022, as per Future Market Insights.
The terms of the deal were not disclosed.
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