Member Article

Barclaycard completes acquisition of The Logic Group Holdings Ltd

Further to the announcement on 8 September 2014 regarding the conditional acquisition of Hampshire-based The Logic Group by Barclaycard (the Acquisition), Barclays Bank PLC is pleased to announce that following receipt of competition authority clearance all completion conditions to the Acquisition have been satisfied and the Acquisition has therefore completed.

The acquisition is set to bring a number of significant benefits for both parties:

For Barclaycard, The Logic Group brings a range of new payment and loyalty technology capabilities that will support Barclaycard’s strategic ambitions. Clients will also have access to a broader suite of products and services including the ability to process transactions from multiple points of sale, be that in store, online or mobile, on a single platform.

For The Logic Group, Barclaycard provides access to a broader range of top tier global multinational companies and small and medium size enterprises. Barclaycard is also committed to developing and investing in new, enhanced propositions which will benefit all its customers.

Valerie Soranno Keating, chief executive of Barclaycard, said: “We’re delighted to have completed this transaction. The Logic Group is one of the most highly regarded businesses in its field, bringing a range of new payment and loyalty technology capabilities to Barclaycard. I am confident that the combined talents of our two teams will enable us to meet our strategic ambitions for our business and, most importantly, for our customers.”

In light of the Acquisition, Gareth Wokes, chairman and chief executive of The Logic Group, is to step down from running the business at the end of the year and will retire from the business during 2015. Marc Pettican, currently Managing Director of Sales and Account Development for Barclaycard’s Global Payment Acceptance division, has been appointed Managing Director of The Logic Group and will take up his new responsibilities from 5th January 2015.

Gareth Wokes said:

“I am delighted that The Logic Group is to become part of such a trusted, global brand. Over the past 20 years we have developed market-leading payment and loyalty solutions for a portfolio of leading UK and European brands. This transaction represents the start of an exciting new era for the business and I’m certain that it will continue to grow and thrive as part of Barclaycard.”

Marc Pettican said: “I’m very excited about the potential of our newly combined business. We’re committed to investing in its growth and to developing new and enhanced solutions that will help all our clients become more successful.”

Valerie Soranno Keating said: “I want to pay tribute to Gareth Wokes for his visionary leadership of The Logic Group over the past 28 years, and wish him all the very best in his retirement. Marc Pettican has an outstanding track record as a leader in Barclaycard’s Global Payments Acceptance business and I am confident he will be very successful in his new role as Managing Director of The Logic Group.”

This was posted in Bdaily's Members' News section by The Logic Group .