First Data Corp. has a deal to buy the Atlanta stored-value card distributor Interactive Communications Inc.
The deal, announced Monday, is expected to close this quarter. First Data did not say how much it would pay. InComm's president and chief executive, Brooks Smith, would head First Data's global prepaid services division.
First Data said that InComm is a major gift card distributor that generated over $300 million of revenue last year. It offers gift cards, debit cards, and bill payment services.
Buying InComm would give First Data "a holistic prepaid product suite that includes banking products, payroll solutions, closed and open loop gift cards, and now expanded distribution," Ed Labry, the president for the Denver company's U.S. business, said in a press release. "We look forward to leveraging InComm's expertise and robust retail network to offer end-to-end prepaid solutions."
