Singapore-based loyalty management company Giift has acquired a majority stake in Xoxoday, India’s FinTech Software-as-a-Service (SaaS) provider in the rewards space, the companies announced Monday (March 14).
Giift’s investment will allow Xoxoday to grow in international markets and upgrade its loyalty platform technology.
Xoxoday provides a network that enables businesses to automate rewards and pay disbursements to employees, partners and customers, the company said.
Its three SaaS offerings include a horizontal platform that automates rewards, incentives, perks and payouts programs; a vertical platform that enables organizations to create an engaged workplace through a continuous process of feedback and improvement; and a platform to automate sales commissions for sales staff.
Under the partnership, Giift and Xoxoday’s tech platforms are expected to cover the loyalty value chain and allow the companies to increase their offerings and accelerate growth.
“Our partnership with Xoxoday will enable Giift to offer the most comprehensive engagement and loyalty solution available on the market and represents a big step forward in our mission to create the global standard for the loyalty industry,” said Laurent Xatart, co-founder and CEO of Giift, in a statement.
The deal was made possible by the Apis Group, the London-based global private equity and venture capital asset manager that supports growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital.
Last fall, PYMNTS reported that the pandemic fueled a growth in SaaS subscription services.
Read more: Subscription Merchants Challenged to Create ‘Ideal Experience’ to Reduce Customer Churn
Trace Galloway, chief strategy officer at Vindicia, a Software-as-a-Service (SaaS) subscription, billing and revenue recovery platform, told PYMNTS that more companies have recently capitalized on convenience while adding rewards programs to draw more customers.
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