First Data has announced the acquisition of Gyft Inc., a digital platform that enables consumers to buy, send, manage and redeem gift cards using mobile devices. Financial terms of the deal were not disclosed. The transaction is expected to close next month pending Gyft shareholders approval.

According to the companies, the power of Gyft is in the mutual benefit it provides to both consumers and merchants. With more than 200 of the most recognized retailers on its digital gift card platform, Gyft is a mobile wallet accessible by website and as a free app on iPhone and Android devices. In addition, to bring these new tools to small business owners who have adopted First Data’s touchscreen POS system Clover Station, Gyft for SMBs will be added to the Clover App Marketplace.

“Gyft, with its mobile gifting platform, and First Data, with its global scale and distribution network, together will accelerate the growth of virtual prepaid with powerful new tools for merchants of all sizes to deepen their relationships with their customers,” said Guy Chiarello, president, First Data. “This means that the same robust toolset deployed by big box retailers will be coming soon to small- to mid-sized businesses, perfectly synched with our mission to offer innovative solutions to help our clients grow.”