St. Paul-based buyer loyalty agency Augeo is ramping up its presence within the fintech house.
Late final week, the corporate introduced that it has acquired San Diego-based Empyr, a fintech firm that promotes card-linked offers for a number of nationwide manufacturers, together with Pizza Hut, Dunkin’ Donuts, and Below Armour. The transaction is Augeo’s fourth within the fintech house, the corporate stated in a information launch. Monetary phrases of the transaction weren’t disclosed.
Collectively, Augeo and Empyr will launch a brand new agency often called “Figg,” a nod to the eponymous plant. Per Augeo’s information launch: “Augeo will continue to serve its extensive clientele independently, while the new company will represent one of the largest user bases in the card-linking industry, with more than 60 million users and $300 billion in transaction volume. Figg will bring new card-linked opportunities for advertisers, publishers, and consumers.”
David Kristal, Augeo’s CEO, acknowledges that the timing of the acquisition “might seem counter-intuitive.”
“We believe there is an urgent need to bring advanced technology and more encompassing advertiser offer content to consumers seeking greater value,” stated Kristal, who may even function Figg’s government chairman. “Some retail sectors like grocery, household essentials, and health-related products are near capacity, while the travel industry, hospitality, restaurants and many local service businesses are battling to stay afloat. As things begin to improve, Figg will be uniquely positioned to connect consumers with advertisers to help accelerate commerce in the U.S. market.”
Valor Siren Ventures, a non-public fairness fund that’s acquired backing from Starbucks Corp., helped Augeo full the transaction, although no specifics had been talked about.
In September 2019, Kristal appeared on TCB’s “By All Means” podcast shortly after the corporate acquired MotivAction, an employee-focused engagement agency. Earlier than founding Augeo, Kristal labored along with his father Henry, co-founder of the erstwhile Embers restaurant chain.