Verisk acquires strategic minority stake in Reward
Verisk Financial President Lisa Bonalle-Hannan joins Reward board of directors
Strategic collaboration accelerates Reward's global expansion
LONDON, Nov. 24, 2020 /PRNewswire/ -- Reward, the leading Customer Engagement Platform for banks and retailers across Europe and the Middle East, announced that Verisk (NASDAQ: VRSK), a leading data analytics provider, has acquired a strategic minority stake in the company. As part of the investment, Lisa Bonalle-Hannan, President of Verisk Financial, will join the Reward board of directors with immediate effect.
Reward provides banks and retailers with a plug-and-play platform that drives engagement and incremental spend across all channels and product lines. Founded in 2001 by Gavin Dein, Reward started as a loyalty platform for top football clubs to reward fans with tickets and 'money can't buy' memorabilia. Since 2006, Reward has focused on banking and retail sectors and has driven the mega trend of Personalised Card Linked Offers (PCLO). With its innovative technology and passion for running the best Customer Engagement Programmes in the world, Reward's platform is fast becoming the industry standard, used by Mastercard, Visa and American Express, as well as more than 100 of the largest global retailers, including H&M, Groupon, and Enterprise Car Rental.
"We are delighted to welcome Verisk as a significant shareholder and Lisa Bonalle-Hannan to our board. The business has fantastic momentum as we launch more bank engagement programmes in the UK, Europe, and the Middle East. Our model has proven to be very effective as both retailers and banks have rapidly adapted to accelerating shifts in consumer behaviour," said Gavin Dein, founder and CEO of Reward, commenting on Verisk's investment.
"Our goal is to become the global leader in Customer Engagement solutions for banks and retailers. Leveraging the power of Verisk's data analytics, their global relationships and shared spirit of innovation, I truly believe this is a major step in helping us to achieve our goals sooner," added Dein.
"Verisk's stake in Reward enables us to deepen our existing client relationships by bringing a broader array of loyalty solutions and analytics to banks and to geographically expand our customer base. Reward's portfolio of services, coupled with Verisk Financials' proprietary data, solutions and relationships, create a rich synergy that will enable us to create a global industry standard in customer loyalty," said Lisa Bonalle-Hannan, President of Verisk Financial.
Reward's goal is to be a force for good. By analysing billions of transactions and having a deep understanding of many millions of consumers, Reward has been able to create a unique and global Customer Engagement Platform that creates an alignment of interest between the world's largest financial institutions, global retailers and customers.
For banks, Reward's platform delivers increased Net Promoter Scores (NPS), the ability to drive cross-product holding as well as reducing customer attrition, resulting in millions in incremental revenues and cost savings.
For retailers, Reward's plug-and-play platform and predictive consumer behaviour technology enables the delivery of hyper-targeted, personalised offers to more than 150m customers globally, using a pay on performance model. Retailers only pay when a customer positively changes their shopping behaviour.
For customers, Reward has given back over $1billion in rewards around the world.
For more information, please visit www.rewardinsight.com.
Verisk (NASDAQ:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk operates in 30 countries and is a member of Standard & Poor's S&P 500® Index and part of the Nasdaq 100 Index. For more information, please visit www.verisk.com.
Reward was advised by Stuart Sparkes and George Watson at US Investment Bank, Raymond James.
Verisk Public Relations
Reward Public Relations