UP Group affiliate C.D Holding Internationale SAS has acquired 100 per cent of the shares in employee payments platform givve.
The value of the transaction was not disclosed. International law firm White & Case acted as the advisor for the deal.
UP Group has acquired the stake from a group of venture capital funds, entrepreneurs and members of the givve management team. Through this acquisition, UP Group hopes to bolster its position within the German market.
Germany-based givve provides employers with a platform to facilitate, automate and optimise employee benefits and expenses through a prepaid business payment card. Currently, givve has 6,000 clients with a combined employee network of 250,000.
The givve MasterCard is a prepaid card which enables employees to complete cashless payments for shopping, travel and eating, among other services. Employers can set up one of five modules which offer a range of different monthly amounts, ranging from €44 a month to €100,000.
UP Group is an employee benefits provider, empowering employers to give staff loyalty rewards, public and social programs, and expenses management support.
White & Case partner Thierry Bosly said, “We have had a relationship with UP Group since its acquisition of Monizze in 2015, when we advised of the founders and shareholders of Monizze.
“We subsequently advised Monizze and UP Group on its 2016 acquisition in Belgium of PayFair, and this transaction is an example of the way in which White & Case builds long term relationships with its clients and supports their international growth ambitions.”
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