The New York City-based WorkStride provides incentive, employee recognition and rewards programs, the release said.
Based in Birmingham, Alabama, Prepaid Technologies said the combination of its services with WorkStride’s will give businesses an “end-to-end menu of enterprise payment solutions from pay, expense management and corporate disbursements to employee and channel incentives and rewards, all designed to enhance employee satisfaction and retention in an increasingly competitive job market.”
The company said it has posted average year-over-year revenue growth of more than 40% across the last five years. The acquisition — no dollar amount was given — will let it capture volume and transform it into additional revenue.
Stephen Faust, Prepaid Technologies’ CEO, said that combining his company’s services with that of WorkStride “provides customers and the market at large with a powerful, one-stop-shop suite of payments and engagement solutions.”
See also: Travel Tech Firm Swvl Buys Mexico’s Urbvan
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“For some time, WorkStride’s customers have been asking for a more seamless way to make payments as part of our engagement platform,” said Tom Silk, CEO of WorkStride. “By joining forces with Prepaid Technologies, we will be able to address this growing need, as well as open our platform to new solutions for new industries.”
In other recent acquisition news, travel tech company Swvl said Monday (July 11) that it was planning to purchase Urbvan, a shared mobility platform that offers tech-enabled transportation services to customers in Mexico.
Swvl said the acquisition gives it a more robust base for new growth in Latin America, raising its footprint to more than 135 cities in upwards of 20 nations.
Read more: GoHenry Acquires Pixpay to Strengthen Youth Banking Outreach
Also this week, GoHenry, a British company that provides Visa debit cards and a financial education app for children, acquired Pixpay, a French company operating a similar service. The company said the deal will let it expand its customer base into continental Europe. GoHenry already has more than two million users in the U.K. and U.S.
