Leaders with Chattanooga company TransCard, which assists financial institutions in offering nontraditional transaction products, announced this week they are acquiring HQ Gift Cards, a program manager of mall-based prepaid card programs.
“We are excited about the opportunity to expand our markets and secure a coveted distribution channel," TransCard CEO Craig Fuller said in a prepared statement.
The move means that TransCard has the chance to open new retail distribution channels for a variety of prepaid products, according to a news release.
"We have some exciting plans with the business and plan to leverage our product-suite and world-class technology to the network of mall operators," Fuller also said. "The acquisition of HQ is the latest in a series of new product, marketing, channel and technology innovations from TransCard. Many more such developments are planned for 2013.”
HQ's leaders manage operations for more than 300 malls and casinos.