STAMFORD, Conn. & NEW YORK–Synchrony Financial, a premier consumer financial services company, today announced that it has acquired GPShopper, an innovative developer of mobile apps that offer retailers and brands a full suite of commerce, engagement and analytic tools. Financial terms of the transaction were not disclosed and it is not expected to have a material impact on financial results.
The transaction further demonstrates Synchrony Financial’s commitment to bringing its partners enhanced digital offerings supported by advanced mobile application development and robust technology, data and analytics. Adding GPShopper’s mobile development expertise will be an integral part of Synchrony Financial’s efforts to further expand its mobile engagement capabilities.
Synchrony Financial announced a strategic investment in GPShopper in January 2015 and the companies have since collaborated on several well-received mobile offerings, 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 easily shop, redeem rewards, and securely manage and make payments to their accounts with their smartphones.
Today’s announcement further cements this partnership and will allow for continued development of new mobile commerce focused technologies. The combined mobile commerce and payments capabilities will offer the companies’ retail partners – ranging from the largest national chains and mid-sized retailers to smaller merchants and service providers – innovative solutions that are tailored to their businesses.
“The GPShopper team have built an incredibly dynamic business,” said Tom Quindlen, Executive Vice President and CEO, Retail Card, at Synchrony Financial. “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. We look forward to the further development of SyPi and other mobile offerings, and we could not be more thrilled to have the GPShopper team join our organization.”
Alex Muller, Co-Founder and CEO of GPShopper, added, “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. 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. Additionally, our team will now have broader opportunities and greater resources to develop and deliver innovative mobile solutions for our retail partners.”
GPShopper’s accomplished and highly innovative team will now become a part of Synchrony Financial’s Retail Card sales platform, where they will join a team of professionals working on a broad range of technology-driven programs aimed at fueling their partners’ growth.
Morgan Stanley & Co. LLC served as Synchrony Financial’s financial advisor on the transaction.
*Source: The Nilson Report (May 2016, Issue # 1087) – based on 2015 data.