Pine Labs completed the acquisition of Qwikcilver for $110m.

Pine Labs, a merchant platform company, completed the acquisition of Qwikcilver, a Bangalore-based gift card solutions provider for $110m. The transaction has been funded from the company's cash reserves and additional funding from existing investors. "We see excellent complementary strengths between the Pine Labs' and Qwikcilver's gift businesses. While Pine Labs has a strong merchant network, Qwikcilver has market-leading processing and distribution capability. We are confident that both teams' deep domain experience will accelerate our vision of building a world-class merchant-centric ecosystem," Vicky Bindra, Pine Labs Chief Executive Officer.