American Express (AXP) Expands Online Currency Platform with Sometrics Acquisition
Tweet
Share
E-mailGet Alerts AXP Hot Sheet
Price: $350.58 +1.11%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 1.1%
Revenue Growth %: +10.2%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 1.1%
Revenue Growth %: +10.2%
Join SI Premium – FREE
TechCrunch reporting American Express (NYSE: AXP) has taken the next step to better position itself in the online gaming industry with the acquisition of Sometrics.
The company will work with American Express’s Enterprise Growth Group, within its Serve segment, and will help incorporate virtual currencies and a loyalty program into AmEx's digital payment platform.
The deal is valued at $30 million and Sometrics is just one of many companies American Express has recently made deals with. The company has also partnered with the likes of Foursquare, Facebook, and Zynga to help seize the fast-growing social media market. The credit giant’s Serve platform has also recently announced partnerships with service providers Sprint (NYSE: S) and Verizon (NYSE: VZ).
With the purchase of Sometrics, AmEx also acquires GameCoins, a website where people can find new gaming title and receive virtual currency to be spent on games. The coins earned can also be transferred into Facebook Credits. Sometrics claims its partners experience 15 percent growth as a result of its virtual currency payment method.
Leena Rao, a reporter for TechCrunch, said Sometrics "supports dozens of payment options and hundreds of brand engagement ads, reaching a total global audience of more than 225 million consumers in more than 200 countries. And through Sometrics’ analytics capabilities, developers are able to view and analyze which audience demographics are responding to which payment options, respond by pushing traffic to the options that convert best, and optimize those conversions to help maximize revenue. Current gaming partners that use Sometrics include Nexon, NHN USA, IMVU, PopCap, BigPoint, Habbo, and many others."
The company will work with American Express’s Enterprise Growth Group, within its Serve segment, and will help incorporate virtual currencies and a loyalty program into AmEx's digital payment platform.
The deal is valued at $30 million and Sometrics is just one of many companies American Express has recently made deals with. The company has also partnered with the likes of Foursquare, Facebook, and Zynga to help seize the fast-growing social media market. The credit giant’s Serve platform has also recently announced partnerships with service providers Sprint (NYSE: S) and Verizon (NYSE: VZ).
With the purchase of Sometrics, AmEx also acquires GameCoins, a website where people can find new gaming title and receive virtual currency to be spent on games. The coins earned can also be transferred into Facebook Credits. Sometrics claims its partners experience 15 percent growth as a result of its virtual currency payment method.
Leena Rao, a reporter for TechCrunch, said Sometrics "supports dozens of payment options and hundreds of brand engagement ads, reaching a total global audience of more than 225 million consumers in more than 200 countries. And through Sometrics’ analytics capabilities, developers are able to view and analyze which audience demographics are responding to which payment options, respond by pushing traffic to the options that convert best, and optimize those conversions to help maximize revenue. Current gaming partners that use Sometrics include Nexon, NHN USA, IMVU, PopCap, BigPoint, Habbo, and many others."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Conmed weighing sale after takeover interest - Bloomberg
- Nu-Med Plus acquires Avid Gold, targets Canadian gold properties
- MDA Space agrees to buy 70% stake in CLS for ~€567 million
Create E-mail Alert Related Categories
Insiders' Blog, Mergers and AcquisitionsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
