Quillon Partners represented Pine Labs in the acquisition of Saluto Wellness

Quillon Partners represented Pine Labs in the acquisition of Saluto Wellness

Fintech Unicorn Pine Labs has acquired Bengaluru-based Saluto Wellness - a proprietary enterprise platform for an undisclosed amount.

According to the company, this acquisition will boost the capabilities of Pine Labs' issuing business under the Qwikcilver brand, enabling it to strengthen its offerings across employee rewards and recognition, customer loyalty programmes, and channel partner programmes for medium and large enterprises.

Having a pan India presence, Pine Labs offers prepaid, stored value, and gift card solutions through its 2019 acquisition of Qwikcilver, an entity that merged with Pine Labs in September 2022.

Saluto Wellness was co-founded by Siva Kumar and Anoop Nambiar in 2017.

Commenting on the development, Kumar Sudarsan, President, Issuing Business, Pine Labs, said "With Saluto's platform, we expect to further enhance our leadership across Enterprise Rewards, Recognition, Incentive & Engagement programs. Saluto's multi-tenant, enterprise grade offering will give us additional capabilities complementing our strengths. Their solution, integrated with our offerings, will help us deliver more programs to our existing enterprise clients – resulting in larger and more long-term engagements. Leadership team at Saluto has over 40 years of collective experience across rewards, incentives, loyalty."

"Our enterprise solutions are today being used across diverse industry verticals and we are excited to become part of a fast-growing, progressive fintech like Pine Labs and together scale our business further. We have already established a good working relationship with the Pine Labs team and look forward to being a driving force to further Pine Labs' leadership in this space with innovative outcomes," said K. Siva Kumar, Co-founder and CEO of Saluto Wellness.

Quillon Partners represented Pine Labs in this transaction.

The transaction team consisted of Namrata Sinha (Partner), Stuti Khosla (Associate) and Mokshiv Malla (Associate).