Pine Labs acquires enterprise platform from Saluto Wellness

Pine Labs acquires enterprise platform from Saluto Wellness
Through advanced capabilities under the Qwikcilver brand, Pine Labs' Issuing Business will be better able to serve medium-sized and large-sized businesses with its services for channel partner programmes, customer loyalty programmes, and employee incentives and recognition.
Through the 2019 acquisition of Qwikcilver, a company that merged with Pine Labs in September 2022, Pine Labs has a dominant presence in India for prepaid, stored value, and gift card solutions. Siva Kumar and Anoop Nambiar co-founded Saluto Wellness in the year 2017.
"With Saluto's platform, we expect to further expand our leadership across Enterprise Rewards, Recognition, Incentive & Engagement programmes," stated Kumar Sudarsan, President, Issuing Business, Pine Labs, in response to the news. Our strengths will be complemented by Saluto's multi-tenant, enterprise-grade product, which will provide us with new capabilities.
Their solution will enable us deliver additional programmes to our current enterprise clients, leading to larger and longer-term engagements. Their solution will be integrated with our services. The leadership team of Saluto has more than 40 years of combined experience in the areas of incentives, rewards, and loyalty.
"Our enterprise solutions are currently used across a variety of industry sectors, and we are thrilled to join a rapidly expanding, forward-thinking fintech like Pine Labs and scale our business together. According to K. Siva Kumar, co-founder and CEO of Saluto Wellness, "We have already developed an excellent working connection with the Pine Labs team and look forward to being a driving force to strengthen Pine Labs' leadership in this field with creative results."