In its second-largest acquisition, Amazon buys the company for $970 million.
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.