Barclaycard to acquire payment and loyalty specialist The Logic Group
European payment and loyalty specialist business, The Logic Group, has announced that it is to be acquired by Barclaycard. This includes The Logic Group's UK and Spanish businesses, laying the foundations for a global omni-channel, managed payments service and customer loyalty group that will build on the company's heritage as one of the most highly regarded businesses in its field.
As a result of the acquisition, Barclaycard's global payments business (part of the banking group,) will be able to provide its clients with access to a wider suite of innovative products and services, including The Logic Group's transaction processing capabilities from multiple sales channels (store, online and mobile,) through a single platform.
Barclaycard's customers will also gain the benefit of The Logic Group's loyalty programmes and data insights solutions, which enable merchants to provide highly targeted services to their customers.
Barclaycard will provide a broader merchant base of top tier global companies as well as small to medium size enterprises that will build on The Logic Group's existing portfolio of top tier retailer, financial services and hospitality business clients. The company's clients will continue to benefit from the choice of both pin entry device supplier and acquiring services. In addition, Barclaycard is committed to continuing investment to jointly develop new customer propositions which can be marketed to customers of both businesses.
Gareth Wokes, chairman and chief executive at The Logic Group, commented: 'Today's announcement marks the start of an exciting new era of expansion and development for The Logic Group. We are delighted to become part of such a trusted, global brand and to be able to build on the opportunity that Barclaycard offers us in the expansion of our customer base as well as more benefits for our clients through Barclaycard's scale and expertise. Our sustained focus on developing market leading payments and loyalty solutions over the past 20 years has been rewarded with a portfolio of leading UK and European customers and we are now looking forward to further broadening our services and solutions for the future.'
Subject to competition authority approval, the transaction is expected to be completed in the fourth quarter of 2014.
Valerie Soranno Keating, chief executive at Barclaycard, added: 'The acquisition of The Logic Group, one of the most highly regarded businesses in its field, is a very exciting development for both businesses. The Logic Group brings a range of new capabilities to Barclaycard that support our strategy to deliver growth for our business and for our customers. There is a strong fit between our two businesses, most notably in our shared commitment to innovation and customer service and mutual recognition of the role of technology in driving change across the payments industry.
'As consumer and merchant expectations become ever greater and ever more sophisticated, the winners will be those businesses that are able to anticipate these expectations and respond quickest and most effectively. I am confident that the combined talents of our two teams will enable us to maintain our competitive position and meet our strategic ambitions.'