Innervation Pan African Payment Solutions (Innervation) has announced the acquisition of an African loyalty business, The Loyalty Box from Tritech Media. Innervation forms part of Crossfin Transactional Solutions (CTS), South Africa’s largest independent payments and merchant acquiring solutions platform. Under the terms of the deal, Innervation has acquired The Loyalty Box business for an undisclosed amount.
Steve Mallaby, Chief Operating Officer at Innervation, says the acquisition presents an exciting opportunity to access a substantial customer base, intellectual property and loyalty industry expertise backed by experienced resources. “Innervation offers a comprehensive bouquet of services in the customer engagement and payment domains to African retailers which will be further bolstered by the expertise offered by The Loyalty Box team. Existing customers of The Loyalty Box will also benefit from greater scale and depth of skills as well as a range of complementary services offered by Innervation.”
According to research by Truth and BrandMapp, 75% of economically active South Africans are members of at least one loyalty programme. “Consumers continue seeking greater value, particularly in light of the constrained economic environment,” says Mallaby. “The acquisition of The Loyalty Box enables us to provide fully integrated loyalty solutions via an increased number of point-of-sale providers, while giving existing Loyalty Box customers access to a greater range of customer engagement and payment services offered under the Innervation brand.”
The Loyalty Box serves more than 200 retail customers in various key African markets including South Africa, Mauritius, Kenya, Botswana, Tanzania and Nigeria, amongst others. Its customer base includes brands such as PNA, Cape Town Fish Market, Timber City, Krispy Kreme, Absolute Pets and Spur Africa.
Mallaby says Innervation will focus on ensuring high service quality to The Loyalty Box’s existing customer base with business-as-usual in the short term. “We are in the process of further planning to ensure the capabilities and strengths inherent in The Loyalty Box are integrated with Innervation’s expertise to give African retailers a market-leading bouquet of services in the customer engagement domain. Our focus is on enhancing retailers’ ability to engage their customers at an individual level by combining retail loyalty, payment and customer engagement services with advanced analytics to drive business results.”