The prepaid card company Blackhawk Network has agreed to acquire Parago, a customer engagement firm, for approximately $290 million.
The all-cash deal would allow Blackhawk to expand its corporate promotional offerings, the company said in a Sept. 25 news release.
"Adding Parago into our portfolio is a significant step forward for Blackhawk's expansion plans in the large but fragmented incentives market," said Bill Tauscher, Blackhawk's chief executive, in the release.
Under the agreement, Parago would operate as a subsidiary and maintain its Dallas headquarters. Additionally, Juli Spottiswood, Parago's president, would oversee Blackhawk's corporate incentive business.
Last week, the Pleasanton, Calif.-based Blackhawk completed its acquisition of CardLab, a provider of business-to-business incentive and rewards cards. Blackhawk's technology is used by companies such as Google, Amazon, Coinstar and Monitise.