Barclaycard, the global payments business of Barclays, announced today that it has agreed to acquire The Logic Group, a leading UK-based payment and loyalty business that provides payment and loyalty technology and solutions to a wide range of the UK’s leading brands. Subject to competition authority approval, it is expected that the transaction will be completed in the fourth quarter of 2014.
The acquisition is an important development for both parties and is expected to bring significant benefits:
For Barclaycard, The Logic Group brings a range of new capabilities that will support Barclaycard’s ambitions not only in payment acceptance but more broadly. Clients will have access to a broader suite of products and services, and will also benefit from The Logic Group’s loyalty programmes and key data insights, which create a single customer view for a wide range of leading brands.
For The Logic Group, Barclaycard provides extensive market access, enabling distribution of The Logic Group’s products to a broader merchant base of top tier global multinational companies and small and medium size enterprises. In addition, Barclaycard is committed to continuing to invest to jointly develop new customer propositions which can be marketed to customers of both businesses.
Val Soranno Keating, Chief Executive of Barclaycard, said:
“The acquisition of The Logic Group - one of the most highly regarded businesses in its field – is a very exciting development for both businesses"
"The Logic Group brings a range of new capabilities to Barclaycard that support our strategy to deliver strong growth for our business and for our customers. There is a strong cultural fit between our two businesses, most notably in our shared commitment to innovation and customer service and mutual recognition of the role of technology in driving change across the payments industry."
“As consumer and merchant expectations become ever greater and ever more sophisticated, the winners will be those businesses that are able to anticipate these expectations and respond quickest and most effectively. I am confident that the combined talents of our two teams will enable us to maintain our competitive position and meet our strategic ambitions.”
Gareth Wokes, Chairman and Chief Executive, The Logic Group, said:
“Today’s announcement marks the start of an exciting new era of expansion and development for The Logic Group. We are delighted to become part of such a trusted, global brand and to be able to build on the opportunity that Barclaycard offers us in the expansion of our customer base as well as more benefits for our clients through Barclaycard’s scale and expertise.
"Our sustained focus on developing market leading payments and loyalty solutions over the past 20 years has been rewarded with a portfolio of leading UK and European customers and we are now looking forward to further broadening our services and solutions for the future.”