Chase Bank is acquiring Silicon Valley startup Bloomspot Inc., a provider of targeted merchant offers. Terms of the deal, expected to close in early 2013, have not been disclosed. Bloomspot is based in San Francisco, and has raised VC from True Ventures, Menlo Ventures, Harrison Metal and individual investors. The company closed a $40 million round in August 2011, peHub reported previously.
Chase Bank USA, NA, a subsidiary of JPMorgan Chase & Co. (NYSE: JPM) and Bloomspot, Inc. today announced that they have signed an agreement and plan of merger whereby Chase will acquire Bloomspot, a provider of targeted merchant offers.
“Chase has millions of strong relationships with consumers and merchants, and we are committed to building value in those relationships,” said Jeff Kinder, president of Chase Offers. “Merchant partners are continually looking for ways to engage the right customers, and consumers have shown a clear interest in receiving offers from their favorite merchants. We believe Chase has a unique set of assets to bring these customers together and deliver highly targeted, relevant merchant offers at scale.”
“Bloomspot’s team appealed to us because of their focus on building sustainable value for merchants through a strong set of matching and analytics capabilities,” Kinder said. “They have developed innovative tools to close the loop for merchants and reward consumers who engage with these merchants. Their philosophy aligns very much with Chase’s in this space.”
“Creating long-term relationships between merchants and customers has always been at the core of our business,” says Jasper Malcolmson, CEO of Bloomspot. “Bloomspot has succeeded by building a technology platform that delivers the most relevant offers to its members, as well as delivering and measuring customer loyalty for merchants. Together with Chase, we have the opportunity to leverage our technology to realize that success at a much larger scale.”
The acquisition is expected to close in early 2013. Terms have not been disclosed.
Bloomspot (www.bloomspot.com) is a leading offers provider whose technology platform has addressed key issues in merchant marketing. Bloomspot has created a sustainable model for its merchants by measuring and rewarding consumers’ loyalty. By earning the participation of the best merchants, Bloomspot delivers a superior experience for its members.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and 4 million small businesses through more than 5,500 bank branches, 17,500 ATMs, credit cards, mortgage offices, and online and mobile banking as well as through relationships with auto dealerships.