Augeo Sells Financial Institution Loyalty Business Unit, Doubles Down on Card-Linking Innovation
CardLinx member Augeo completed the sale of its financial institution loyalty business unit for $140 million to investment funds affiliated with Lightyear Capital LLC, a New York-based private equity firm investing in financial services companies. This transaction allows Augeo to focus on its fast growing card-linking platform and infuse it with resources to develop technologies to make card-linking a core engagement strategy for retailers. Augeo also retains card-linking technologies it acquired from the purchase of edo Interactive. Over the past decade, Augeo has seen its card-linking business grow over 30% annually and it remains committed to providing the industry leading card-linking platforms to more than 300 clients and 30 million cardholders globally. The newly created financial institution loyalty business will be called Augeo FI and helmed by Mike Knoop, who has lead Augeo’s FI business since 2015.