Synchrony Financial acquires mobile developer
STAMFORD — Synchrony Financial announced this week the acquisition of mobile app developer GPShopper, a deal that strengthens a partnership formed two years ago by the two companies.
The deal shows Synchrony’s commitment to bringing its partners improved digital offerings supported by advanced mobile application development and “robust” technology, data and analytics, Synchrony executives said. Adding GPShopper’s mobile development expertise would become an important part of the consumer financial-services firm’s efforts to expand its mobile-engagement potential, they also said.
“The GPShopper team have built an incredibly dynamic business,” Tom Quindlen, Synchrony’s executive vice president and CEO of Retail Card, said in a statement. “As both companies achieved considerable success through our partnership over the past two years, the benefits of bringing them into the Synchrony Financial family became increasingly apparent.”
In January 2015, Synchrony announced an investment in GPShopper. The companies have since collaborated on several mobile initiatives, including the Synchrony Plug-in or SyPi, a “native” credit feature that plugs in to a retailer’s mobile app. SyPi allows retailers’ credit cardholders to shop, redeem rewards and manage and make payments to their accounts with their smartphones.
“Mobile commerce is driving the future of retail, and by joining forces with Synchrony, we can put our retail clients at the forefront of this transformation,” Alex Muller, co-founder and CEO of GPShopper, said in a statement. “This is an exciting and logical next step for us given our two companies’ shared commitment to leveraging technology to help retailers better engage with their customers.”
GPShopper’s employees will join Synchrony’s Retail Card sales platform, where they will work with colleagues focused on technology-based programs.
“Our team will now have broader opportunities and greater resources to develop and deliver innovative mobile solutions for our retail partners,” Muller said.
Financial terms of the acquisition were not disclosed and were not expected to have a material impact on financial results, according to Synchrony officials.
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