In an effort to expand its consumer business, Indian merchant platform company Pine Labs Pvt, has acquired Malaysian loyalty and cashback platform Fave. This transaction took place after Pine Labs invested an unspecified amount of money in Fave as part of a partnership deal back in July.

The former, founded in 1998, provides a merchant platform and makes software for point of sale (PoS) machines. With more than 70,000 retailers across India, the company is backed by Temasek Holdings Pte, Sequioa Capital, PayPal Holdings Inc., and Sofina.

The deal between Pine Labs and Fave is valued at over US$45 million in cash and stock. Pine Labs’ plan following the acquisition is that it will launch the Fave app in India across a network of 500,000 merchants on its platform.

Co-founders of Fave Joel Neoh and Yeoh Chen Chow will remain with the company and lead the overall consumer platform. This merge will also see the companies hire more than 100 new employees across Southeast Asia and India. An all cash payout will be offered to Fave investors, while founders and key employees will receive cash and Pine Labs shares.

Source: Bloomberg