For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
GiftCertificates.com, an online marketer of branded currencies, has entered into a definitive merger agreement with giftpoint.com, its top competitor. The all-stock transaction will form the largest online marketer of gift certificates and branded currencies in the consumer and corporate markets, claims the New York City-based company.
While GiftCertificates.com has spearheaded the development of a strong consumer brand, giftpoint.com has emerged as a leader in corporate sales. GiftCertificates.com's consumer sales are currently 80% of its business, while 75% of giftpoint.com's sales are corporate in origin, they say.
The combined company's selection of merchants will include hundreds of bricks-and-mortar stores and Internet options, they say, from apparel and gourmet foods to entertainment and travel, as well as restaurants, salons, spas and catalogs.
All business-to-business activities will be operated out of giftpoint.com's existing Omaha, Neb., offices, while general operations will be conducted from GiftCertificates.com's headquarters.