Prepaid Technologies, a provider of business payment solutions for more than 20 years, announced that it has acquired Karmic Labs' dash, the company's purchasing card portfolio and expense management solution, along with other assets.
The deal, which closed on March 1, has more than doubled Prepaid's purchasing card portfolio. In addition, several members of Karmic's staff have joined the Prepaid team. The implementation of the dash platform adds a robust expense management solution and extensive card portfolio to Prepaid's existing suite of offerings, which includes payroll programs, business purchasing cards, rewards and incentives, and per-diem card offerings.
"Integrating the dash purchasing card structure into our existing portfolio increases efficiencies, and enhances our growing suite of solutions for businesses and [payment] service providers," said Stephen Faust, Prepaid Technologies CEO, in a press release. "This cardholder portfolio more than doubles our existing expense management business, elevating purchasing to the level of our payroll, incentive and rewards lines of business."
With the prepaid sector now a $300 billion industry, Prepaid has utilized new technology to serve the industry's many market applications. Over the next several months, the company will integrate the dash portfolio into its offerings, transitioning its existing clients, and providing them with access to additional payment and business management solutions. Those solutions include payroll card programs that boost "bottom-line performance, and provide value to employees; reward[s] and incentive cards to support [better] customer and employee relationships; [and] state-of-the-art API payment integrations that [improve] internal operations."
Faust said, "The addition of dash is another prime example of how we're fulfilling our commitment to provide the broadest suite of payment solutions to our partners and commercial clients, with a focus on quality."