Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Zeevex was acquired by InComm in 2010, and this joint venture is an expansion of the Plastic Jungle partnership with InComm, which began in early 2012.
San Mateo, CA – July 23, 2012 – Plastic Jungle, the web’s largest secured gift card exchange; InComm, an industry leading marketer, distributor and technology innovator of stored-value gift and prepaid products; and Zeevex, an open virtual currency provider, today announced a strategic partnership that will allow consumers to exchange gift cards for Zeevex shopping power. Consumers will now be able to use gift cards to purchase hundreds of online games, music, movies and other digital content. Zeevex was acquired by InComm in 2010, and this joint venture is an expansion of the Plastic Jungle partnership with InComm, which began in early 2012.
“We are constantly looking for new ways to create more choice and flexibility for our consumers, and this partnership will make it easy for users to turn retail gift cards into limitless purchasing power for online games and more,” said Bruce Bower, CEO of Plastic Jungle. “This partnership will also help online gaming and digital content publishers capture value from the more than $100 billion gift card industry.”
Zeevex is the only open, virtual currency that can be used in over 100 online games and other digital content, and supports token-based and point-based virtual currency models. Through this partnership, online gaming and digital content publishers will now be able to leverage funds from hundreds of retailers when a consumer turns a gift card into Zeevex currency through Plastic Jungle. The partnership also allows those without an established banking or credit card method of payment to participate in the ecommerce marketplace.
“Zeevex has significantly bolstered InComm’s presence as an established industry leader in prepaid gaming,” said Brian Parlotto, InComm’s senior vice president of Consumer Products and International. “This partnership allows us to provide additional value to our digital partners, connecting them to gaming, digital content and retail consumers, and enables us to offer consumers more options for paying for premium games through the Zeevex network.”
About Plastic Jungle:
Plastic Jungle (www.plasticjungle.com) is the web’s largest secured gift card exchange, giving consumers the choice and flexibility to convert their gift cards into other forms of spending power – including online balances to use at the millions of merchants that accept PayPal; Amazon.com Gift Cards; and a variety of other payment formats. Plastic Jungle’s patent-pending marketplace and payment applications aim to safely unlock an estimated $41 billion in unredeemed gift cards trapped in the economy for the benefit of consumers and merchants alike. Based in San Mateo, California, the company is privately held, with venture backing from Shasta Ventures, Redpoint Ventures, Jafco Ventures, First Round Capital, Bay Partners, Harrison Metal and Western Technology Investment.
InComm is an industry leading marketer, distributor and technology innovator of stored-value gift and prepaid products using its state-of-the-art point-of-sale transaction technology and payment solutions to revolutionize retail product sales and customer experiences. With more than $13 billion in retail sales transactions processed in 2010, InComm is the nation’s largest provider of gift cards, prepaid wireless products, reloadable debit cards, digital music downloads, content, games, software and bill payment solutions. InComm partners with consumer brand leaders around the world to provide more than 225,000 retail locations the products and services their customers demand. Since 1992, InComm’s patented technologies have made the buying process easier for consumers, while streamlining the selling process for product and retail partners. InComm is headquartered in Atlanta, Georgia with offices in Australia/New Zealand, Brazil, Canada, Japan, Mexico, Puerto Rico, the United Kingdom, Arkansas, California, Colorado, Florida, Georgia, Illinois, Minnesota, Oregon, Tennessee, Utah and Wisconsin. To learn more about InComm, visit www.incomm.com or call (800) 352-3084.
Founded in 2008 and acquired by InComm in 2010, Zeevex is the leading open virtual currency available in national retailers. The Zeevex Digital Locker allows gamers to manage their virtual lives, while helping brick and mortar retailers, as well as hundreds of online content providers, generate new revenue. Learn more at http://www.zeevex.com.