Acquisition positions company as single vendor, best-of-breed payments and engagement solutions provider
BIRMINGHAM, AL. July 12, 2022 – Prepaid Technologies, a pioneer in the rapidly growing digital payments solutions market, today announced the acquisition of WorkStride, a leading provider of incentive, employee recognition and rewards programs. The acquisition comes after Prepaid Technologies raised $96M in growth financing from Edison Partners in late 2021.
Prepaid Technologies makes it easy for businesses to transform their outdated disbursement, payroll, and purchasing processes with real-time digital payments. The combination of Prepaid Technologies and WorkStride will provide businesses with an end-to-end menu of enterprise payment solutions from pay, expense management and corporate disbursements to employee and channel incentives and rewards, all designed to enhance employee satisfaction and retention in an increasingly competitive job market.
“We are impressed by WorkStride’s proven capability to deliver award-winning recognition and incentive programs, and knew we had to include them in the growing Prepaid Technologies family of solutions,” said Stephen Faust, CEO of Prepaid Technologies. “Their channel incentives, rewards and engagement offerings are ideal and complementary solutions to our existing Dash product suite. This strategic combination enhances our position for rapid growth and provides customers and the market at large with a powerful, one-stop-shop suite of payments and engagement solutions.”
Prepaid Technologies’ has posted average year-over-year revenue growth of more than 40% over the last five years. The acquisition will allow it to further accelerate top line growth and market share in the multi trillion dollar addressable market within disbursements and rewards. Adding Workstride’s technology enables Prepaid Technologies to capture volume and convert that into additional revenue.
Founded in 1999, New York City-based WorkStride has earned clients’ trust by constantly innovating its award-winning reward and engagement solutions. WorkStride’s success is driven by providing enterprise companies with reward program configurability, scalability, services, and support to exceed their goals.
“For some time, WorkStride’s customers have been asking for a more seamless way to make payments as part of our engagement platform. By joining forces with Prepaid Technologies, we will be able to address this growing need, as well as open our platform to new solutions for new industries,” said Tom Silk, CEO of WorkStride. “The combination of our two customer-centric organizations, powered by great technology and passionate people, will provide tremendous opportunities for our customers, partners and employees.”