DENVER, Jan. 22 /PRNewswire-FirstCall/ -- First Data Corp. (NYSE: FDC), a
leader in electronic commerce and payment services, today announced that it
has acquired Gift Card Services, Inc. (GCS), a provider of stored-value gift
cards to small and mid-sized retailers. Financial terms were not disclosed.
Formed in 1994, Tulsa-based GCS offers a wide range of gift card services
including 24 hour client support and proprietary software featuring database
management, customized reporting and on-line transaction processing. GCS gift
cards are reloadable and are offered in either fixed or variable
denominations. GCS allows the small to mid-sized retailer to create
customized gift card programs, eliminating many of the expenses involved in
operating an in-house, paper-based gift certificate program.
The acquisition of GCS will complement First Data's ValueLink(R) gift card
business. Already a leader in stored-value card programs, ValueLink currently
serves large national and regional merchant accounts. The addition of GCS
strengthens First Data's position in the gift card business by tapping into a
new market segment.
"The depth and breadth of First Data's experience in stored-value will be
a real benefit to GCS, allowing us to grow our business and expand our market
share," said Byrne Webb, chief executive officer, GCS. "Teaming with First
Data means that GCS will have access to a wide variety of additional
resources. This will allow us to offer our customers a broader range of
services, giving small to medium-sized companies the same advantages currently
available to large retailers in the stored-value market."
"The stored-value/gift card business is an emerging market with potential
for explosive growth," said Michael Yerington, president, Western Union North
America, the First Data subsidiary that manages the ValueLink and GCS
businesses. "The addition of GCS to the First Data family of businesses
allows us to leverage their expertise in the small to mid-sized merchant
market with our experience in managing larger, national accounts. Its
complementary capabilities and strengths make GCS a great fit for our
business."
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, powers
the global economy. Serving approximately 2.6 million merchant locations,
more than 1,400 card issuers and millions of consumers, First Data makes it
easier, faster and more secure for people and businesses to buy goods and
services, using virtually any form of payment: credit, debit, smart card,
stored-value card or check at the point-of-sale, over the Internet or by money
transfer. For more information, please visit the company's Web site at
http://www.firstdata.com .
SOURCE First Data Corp.
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Related links:
http://www.firstdata.com
Company News On-Call:
http://www.prnewswire.com/comp/138116.html
http://www.prnewswire.com/comp/103364.html
CONTACT:
Wendy Carver-Herber of First Data Corp.,
+1-303-967-6416, wendy.carver@firstdatacorp.com
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