The electronic-billing technology company Transactis Inc. has acquired OfferIQ, a mobile coupon service provider for banks and merchants, the companies said Thursday.
Joe Proto, Transactis' chairman and chief executive, was a member of OfferIQ's board. The companies were jointly pitching banks about using their technology and determined it made sense to team up, Paul Harkins, OfferIQ's former chairman and CEO, and now Transactis' president, said in a press release.
OfferIQ, of New York, has spent the past year developing and marketing its Virtual Incentive Platform, which lets retailers target consumers with location-based offers that can be redeemed with an enrolled debit or credit card. The price was not disclosed.
In July, OfferIQ announced that the merchant acquirer and payment processor Chase Paymentech Solutions LLC had agreed to offer the technology to its merchant customers, the first client it has publicly announced.
Transactis, of Charlotte, will continue offering its legacy e-billing services as well as OfferIQ's coupon technology jointly and separately. The services could be combined so that coupons are offered within a bill that is e-mailed to a consumer, Harkins said, and add the ability to view and pay bills with a mobile device.