Blackhawk to Acquire Grass Roots
- by Radu Cotarcea
WPP has announced on August 31 that it is selling its shares in Grass Roots to Blackhawk Network Holdings. The other shareholders — Grass Roots’ former management — is also selling its stake.
Blackhawk Network Holdings is a prepaid and payments global company, which supports the program management and distribution of gift cards, prepaid telecom products, and financial service products in retail, digital ,and incentive channels. Its digital platform supports prepaid across a network of digital distribution partners including retailers, financial service providers, and mobile wallets.
Founded in 1980, Grass Roots's services include Experience and Insight, Motivation, Rewards, Benefits, Promotions and Meetings and Events. it has 12 offices throughout the world and has provided services in over 100 countries. Grass Roots Group companies have over 20,000 total clients, including one-third of the Financial Times Stock Exchange 100.
Bill Tauscher, Executive Chairman for Blackhawk, commented on the deal: "The acquisition of Grass Roots complements the existing client portfolio of Blackhawk's incentives business, and enhances solutions for customers requiring global reward and incentive platforms and products. We will also offer new products and capabilities to Grass Roots' clients."
The CEO of Grass Roots, Richard Bandell, added: "We are excited to be a part of Blackhawk. Joining Grass Roots with Blackhawk and its industry-leading incentive solutions and prepaid product capabilities allows us to enjoy new scale and scope advantages. We are confident that our customers and partners will benefit greatly from the partnership."