Company that helps distribute gift cards acquired for $175M

Maine company that distributes gift cards sold for $175 million

PORTLAND, Maine — A Maine company that helps distribute gift cards has been acquired by a California financial technology company for $175 million. CashStar Inc., based in Portland, was acquired by Blackhawk Network. The companies made the announcement Wednesday. CashStar, an early leader in digital gifting, provides solutions for more than 300 brands to manage their consumer and business-to-business gift card programs, including Sephora, Starbucks, Gap, The Home Depot, Uber, and Walmart. CashStar will remain in its offices in Maine and Massachusetts as it becomes part of Blackhawk’s digital and incentives businesses. CashStar CEO Ben Kaplan will continue to lead the business. — AP