Maritz Holdings, Inc. has taken full ownership of American Express Incentive Services (AEIS) after purchasing American Express Co.’s minority interest in the division.
For the past 13 years, AEIS has operated as a joint venture between Maritz Holdings, Inc. and a subsidiary of American Express Co. American Express said that its stake in AEIS has “become less strategically aligned with our investment plans for the future.”
Terms of the agreement were not disclosed.
Following the completion of the deal, AEIS will continue to operate as an independent entity and will change its corporate name and re-brand itself before the end of 2010.
AEIS remains an independent issuer of prepaid products on the American Express network and also an authorized seller of American Express-branded prepaid products. AEIS is committed to continuing its strategic commercial relationships with American Express.
“The prepaid card space is a growing market, and an excellent opportunity for Maritz and AEIS to grow our business together,” John McArthur, senior executive vice president of development of Maritz said in a release. “We’re looking forward to exploring and developing a wide array of new solutions for our clients.”
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