M&A Deal Summary

Pine Labs Acquires Qwikcilver Solutions Pvt

On April 16, 2019, Pine Labs acquired information technology company Qwikcilver Solutions Pvt for 110M USD

Acquisition Highlights
  • This is Pine Labs’ 1st transaction in the Information Technology sector.
  • This is Pine Labs’ largest (disclosed) transaction.
  • This is Pine Labs’ 1st transaction in India.

M&A Deal Summary
Date 2019-04-16
Target Qwikcilver Solutions Pvt
Sector Information Technology
Buyer(s) Pine Labs
Deal Type Add-on Acquisition
Deal Value 110M USD

Target

Qwikcilver Solutions Pvt

Bangalore, India
Qwikcilver Solutions Pvt Ltd. is a full-stack gift card service provider, powering nine out of every 10 gift cards in the country and managing an annualized gross transaction value of USD 1.5 billion across India, Middle East, and South East Asia.

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Buyer(S) 1

Buyer

Pine Labs

Noida, India
Category Company
Founded 1998
Sector Financial Services
DESCRIPTION

Pine Labs offers a merchant platform that includes technology and financial solutions for merchants to help them in increasing their revenue, reducing the cost and complexity of running a business, and managing the risks involved. Pine Labs integrates India’s top 12 credit and debit card issuing banks, and the top 14 merchant-acquirers, on its payment platform. Over 75,000 merchants across India’s retail, e-commerce, electronics, food and beverage, fashion, financial, pharmacy, telecom and airlines industries are now using Pine Labs. Pine Labs was founded in 1998 and is based in Noida, India.

DEAL STATS #
Overall 1 of 2
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 1 of 2
Country (India) 1 of 2
Year (2019) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 Setu

Bengaluru, India

Setu empowers businesses and developers to reimagine financial products for the next billion users. Setu build low-cost, modular API infrastructure so that users can go live with a fintech product or service in a matter of days, not months. Setu was founded in 2018 and is based in Bengaluru, India.

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