Merchant commerce omnichannel company Pine Labs announced that it has acquired a proprietary enterprise platform from Bengaluru-based Saluto Wellness Private Limited.
According to the company's statement, The acquisition will boost the capabilities of Pine Labs' Issuing Business under the Qwikcilver brand, enabling it to strengthen its offerings across employee rewards and recognition, customer loyalty programs, and channel partner programs for medium and large enterprises.
Commenting on the development, Kumar Sudarsan, President, Issuing Business, Pine Labs, said, “With Saluto’s platform, we expect to further enhance our leadership across Enterprise Rewards, Recognition, Incentive & Engagement programs. Saluto’s multi-tenant, enterprise grade offering will give us additional capabilities complementing our strengths."
"Their solution, integrated with our offerings, will help us deliver more programs to our existing enterprise clients – resulting in larger and more long-term engagements. Leadership team at Saluto has over 40 years of collective experience across rewards, incentives, loyalty," Kumar said.
"Our enterprise solutions are today being used across diverse industry verticals and we are excited to become part of a fast-growing, progressive fintech like Pine Labs and together scale our business further. We have already established a good working relationship with the Pine Labs team and look forward to being a driving force to further Pine Labs’ leadership in this space with innovative outcomes," said K. Siva Kumar, Co-founder and CEO of Saluto Wellness.
The loyalty program market in India is expected to grow at a CAGR of ~15% over the next decade, and is projected to reach US$ 10.8 billion by 2031, from nearly US$ 3Bn in 2022, as per Future Market Insights.