Maine Company That Helps Distribute Gift Cards Acquired for $175M

A company based in Portland that provides software platforms to retailers who want to sell, market and distribute gift cards has been acquired by a California-based financial technology company that operates in 26 countries.

CashStar has been purchased by Blackhawk Network for $175 million. CashStar head Ben Kaplan says being acquired by Blackhawk will make it easier for CashStar to build an international business.

“One of the things that’s very exciting for CashStar is the opportunity to utilize and leverage their relationships, their infrastructure, their team, worldwide,” he says.

No changes are planned in CashStar’s management or staff, which operates in Portland and in Massachusetts. Kaplan says there’s little overlap between what CashStar does and what Blackhawk does.

“Black Hawk delivers incredible value to merchants by distributing digital and plastic gift cards through a range of channels. But they haven’t really had a business that focuses on providing the merchant with a software platform to sell gift cards to that merchants’ own consumers themselves,” he says.