Google acquires Punchd Labs (digital loyalty cards)
Companies in Relationship
, Punchd Labs
Initial Announcement Date:
Consideration: $10 million (source: VentureBeat)
Google acquires Punchd Labs, a provider of offers-related advertising services. The company develops digital versions of loyalty cards on a customer's mobile phone.
Although Google has invested in mobile payment applications such as its Google Wallet, it has not gained much traction in this area. Industry analysts contend that existing payment solutions (such as credit cards) are simply too effective. In buying Punchd, Google hopes to stimulate customer adoption for its mobile applications.
In 2013, Punchd was shut down, and the team "dedicated its time and energy into the integrations with other products."
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