US-based digital payments solution provider Prepaid Technologies has purchased WorkStride for an undisclosed sum.

Established in 1999 in New York City, WorkStride offers reward and engagement solutions to the enterprise companies.

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The deal is expected to enable Prepaid Technologies to support growth as well as increase its share in the disbursements and rewards markets.  

With the integration of WorkStride solutions, Prepaid Technologies will be able to offer the businesses with a comprehensive enterprise payment solution ranging from pay, expense management and corporate disbursements to employee as well as provide incentives and rewards.

The latest deal follows a new $96m investment in Prepaid Technologies made by Edison Partners last year.

Prepaid Technologies CEO Stephen Faust said: “We are impressed by WorkStride’s proven capability to deliver award-winning recognition and incentive programmes, and knew we had to include them in the growing Prepaid Technologies family of solutions.

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“Their channel incentives, rewards and engagement offerings are ideal and complementary solutions to our existing Dash product suite.

“This strategic combination enhances our position for rapid growth and provides customers and the market at large with a powerful, one-stop-shop suite of payments and engagement solutions.”

Prepaid Technologies primarily provides digital payment solutions including payroll, expense, gift, reward, and others to financial institutions, government agencies, and employers.

WorkStride CEO Tom Silk said: “For some time, WorkStride’s customers have been asking for a more seamless way to make payments as part of our engagement platform.

“By joining forces with Prepaid Technologies, we will be able to address this growing need, as well as open our platform to new solutions for new industries.

“The combination of our two customer-centric organizations, powered by great technology and passionate people, will provide tremendous opportunities for our customers, partners and employees.”