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September 8, 2014

Barclaycard snaps up UK payments provider The Logic Group

Deal includes teams in UK and Spain.

By Vinod

Barclaycard announced a significant expansion to its online payments services buying payments loyalty scheme specialists The Logic Group.

In a statement, The Logic Group said that the acquisition will allow Barclaycard’s global payments business to provide its clients with access to "a wider suite of innovative products and services, including The Logic Group’s transaction processing capabilities from multiple sales channels, through a single platform".

Financial details were not disclosed, but the takeover includes The Logic Group’s UK and Spanish businesses, and is targeted for completion by the fourth quarter of 2014.

Gareth Wokes, chairman and CEO of The Logic Group, commented: "We are delighted to become part of such a trusted, global brand and to be able to build on the opportunity that Barclaycard offers us in the expansion of our customer base as well as more benefits for our clients through Barclaycard’s scale and expertise."

Formed in 1986, Fleet-based The Logic Group introduced its first loyalty service in 1998 and was the first UK company to introduce integrated chip and PIN payments several years later.

Valerie Soranno Keating, CEO of Barclaycard, said: "There is a strong fit between our two businesses."

 

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