Bengaluru: Merchant payments software company Mintoak has acquired Dubai-headquartered ICC Loyalty in a largely cash-funded deal, adding consumer rewards technology to its bank platform as it expands in West Asia and Africa . The companies did not disclose transaction terms.
The acquisition was funded mainly from Mintoak’s cash reserves, with a small debt component, cofounder and chief executive Raman Khanduja told ET. It forms part of the Rs 200-crore pool Mintoak earmarked last year for acquisitions adjacent to payments.
