ProfitPoint Advances Its Market Share Position In The Loyalty/Rewards Industry (an industry with more than one billion members in the U.S)….Announcing The Acquisition of New Market Solutions, Inc.
FRANKLIN, TENN. (March 31, 2008) – In a move that deepens its influence with retailers in a number of key verticals including major brands in the sports market and floral services, gift and loyalty card provider ProfitPoint Inc. announced today that it has acquired gift card innovator, New Market Solutions, Inc. (NMS).
In the months following the closing of this transaction, the New Market Solutions brand will be phased out and all customer implementation and support functions currently performed at its Cleveland, Ohio based corporate headquarters will be migrated to ProfitPoint’s Franklin, Tennessee operations center.
ProfitPoint, now servicing more than 20,000 merchant locations nationwide, “is deep in expertise in the areas of stored value as well as other forms of electronic payment processing,” NMS CEO Steven Kreye said. “Its track record in this industry, along with its extensive distribution capabilities, gives us the resources to expand upon what we do well and to take advantage of the unlimited opportunities that are out there for a company like ProfitPoint.”
NMS has done extraordinarily well to market and innovate with such strength and success that it has attracted some of the largest brands in the world of motorcycles, golf and sports ware.
While ProfitPoint has thrived amid the explosive growth of so-called “closed-loop” gift cards, NMS carved a niche in “open-loop” programs that build customer loyalty through gift cards with tighter distribution.
When the city of Hudson, Ohio, became the first to create a downtown-based gift card in 2002, it was NMS that launched what later became a widely publicized and widely emulated program within other cities. The “City Card”, good at any of 70 merchants in Hudson keeps shoppers downtown instead of at malls and big-box discounters.
This is the latest in a series of acquisitions by ProfitPoint that has expanded its gift-card portfolio by more than 500 percent since July 2007.
Commenting on the announcement, ProfitPoint CEO, Vaden Landers said, “This transaction helps us in terms of furthering our objective of becoming the premier provider of stored value products & services to the mass market,” “We are well-established in virtually every strategic vertical for gift & loyalty cards – automotive, spa/salon, restaurant, retail, and many more.”
The company that in 2007 had its fourth straight year of 100+ percent growth is not letting up.
“ProfitPoint is committed to strong year over year growth through the on-going expansion of our organic sales channel and sourcing strategic acquisition opportunities where there are synergies that allow us to grow our customer base, enhance our overall value proposition and deliver a higher level of service to our valued clients,” Landers added.
About ProfitPoint, Inc.
ProfitPoint Inc. is a leading provider of gift and loyalty card services to the small to medium sized merchant community. Headquartered near Nashville, T.N., ProfitPoint supports its gift and loyalty cards with point-of-purchase accessories, real-time electronic transaction processing and customizable reports for each merchant. ProfitPoint specializes in the design and production of custom gift and loyalty cards, software capability and merchant education to meet each individual client’s needs. Now serving more than 20,000 merchant locations nationwide, ProfitPoint produces in excess of five million cards per year and does more than 10 million stored value transactions on its gift and loyalty card platform. ProfitPoint has experienced annualized growth of more than 100 percent each year since its inception in 2003.
ProfitPoint Inc.
www.rewardforloyalty.com
888-541-6789
For more information:
Vaden C. Landers, CEO, ProfitPoint Inc:
888-541-6789 Ext. 163
vlanders@profitpointinc.com
