Seattle-based gift card and payments company Tango Card is being acquired by Blackhawk Network (BHN), a competitor based in Pleasonton, California.
The companies announced the deal Wednesday and expect it to close later this year, pending regulatory approval. BHN didn't respond to questions about the acquisition, including its plans for Tango.
"We are thrilled with the opportunity to combine the best of BHN with the best of Tango to provide leading, global, scalable solutions and innovation to the rewards and incentives industry," BHN CEO Talbott Roche said in a news release.
The companies didn't disclose financial terms of the deal.
Tango, founded in 2009, offers digital gift cards for incentive programs, such as by businesses to reward employees or by researchers to encourage participation in a study.
Tango offers gift cards for brands like Nike, REI and Nordstrom. The company raised $35 million in 2018, and its backers include FTV Capital, Innovation Endeavors, Floodgate and Fyrfly. According to the acquisition release, BHN is also an investor in Tango.
Tango also offers prepaid cards and allows users to donate to charities.
In May, Tango founder and CEO David Leeds said the company had just under 300 employees, roughly half of whom were based in the Seattle area.
"We're still growing a lot. This will be our fastest growth year ever," Leeds said at the time. "We continue to invest big time in the business."
Leeds also said then that Tango was looking to sublease some of its West Seattle space. He added that the company previously had offices in Boise, Idaho, and Omaha, Nebraska, but had since closed those.
According to BHN website, the company started in 2001 by selling gift cards at grocery stores. In addition to allowing clients to sell gift cards both online and in stores, BHN offers employee and customer rewards programs. The company says it issues about 1 billion cards every year.
