Pine Labs completes Qwikcilver acquisition
On March 19, 2019, company had announced the signing of a definitive agreement to acquire Qwikcilver for USD 110 mn.
By : DC Correspondent
Update: 2019-04-20 03:19 GMT
New Delhi: Pine Labs, the leading merchant platform company in India, has confirmed that that company has completed the acquisition of India’s leading gift solution company, Qwikcilver.
On March 19, 2019, the company had announced the signing of a definitive agreement to acquire Qwikcilver for USD 110 million, funded via internal cash reserves and with additional funding from existing investors.
With the completion of this acquisition, Qwikcilver and Pine Labs now have a combined gift solutions business comprising 250 brands and retailers and 1500 enterprise customers – the largest such business in India.
Kumar Sudarsan, co-founder and CEO, Qwikcilver has joined the Pine Labs leadership team.