In its second-largest acquisition, Amazon buys the company for $970 million.
The digital and mobile gift card provider names Doug Schneider president and CEO.
Transaction Wireless has named technology and business expansion veteran Doug Schneider its new president and CEO. Schneider brings to the digital and mobile gift card provider more than 20 years of experience and entrepreneurial spirit, the company says.
“We’ve seen some incredible growth over this past year, both with Transaction Wireless and with the virtual gift card and mobile marketing industries in general,” says Leo Spiegel, Transaction Wireless board director and managing partner at Mission Ventures, one of the company’s investors. “Doug has the ideal expertise of growing companies this size, scaling business models, refining market opportunities and pushing them to the next level. Transaction Wireless has signed several large retailers and channel partners for its technology platform this year, supporting multiple market segments including restaurants, entertainment, sporting goods, youth apparel, and health and wellness, and is poised to grow exponentially this coming year.”
Transaction Wireless clients include Blockbuster Inc., AMC Entertainment, American Eagle Outfitters Inc., Aerie, 77 Kids, Applebee’s, Bass Pro Shops and SpaFinder.
Most recently, Schneider was CEO of Genea, where he transformed a building control system integration business into a software-as-a-service smart building company, increasing sales by more than 42% and almost doubling gross margins, Transaction Wireless says. Before Genea, he served as president of the small and medium enterprise hosting business unit at publicly traded Verio, an international provider of web hosting and e-commerce technologies. He has also held senior executive positions with wireless companies AllCall and Cellular One.
“Transaction Wireless has a technology platform with both a breadth and depth of applications that break the constraints and distribution limitations of the conventional plastic gift card industry, literally offering retailers a ‘future-proof’ platform to unlock the growth opportunities of digital, mobile and social gift card delivery and interaction,” Schneider says. “As Transaction Wireless expands its business even more to meet the accelerating demand for our offerings, the company remains focused on turning cards into customers for our retailers and partners by bringing digital life to every gift card with our cloud-based platform and ultimately driving more traffic and revenue to our clients’ brands.”
“Cloud” refers to a computing model where a company hosts and operates applications and data for a client via the Internet.
Schneider also serves as an investment advisor to Pelion Venture Partners, a private equity investment group.