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Chase to purchase technology company Bloomspot

US based consumer and commercial bank Chase has entered into an agreement to acquire targeted merchant offers provider Bloomspot, in a bid to boost its merchant offers capabilities.

Chase Offers president Jeff Kinder said the acquisition of Bloomspot, backed by its analytics capabilities will enable to bank to offer targeted and relevant merchant offers to its consumers and merchants.

Further terms of the transaction have not been disclosed, although it is expected that the deal will complete in early 2013.

Bloomspot CEO Jasper Malcolmson said, "Bloomspot has succeeded by building a technology platform that delivers the most relevant offers to its members, as well as delivering and measuring customer loyalty for merchants."

Technology platform developed by Bloomspot has dealt with important issues in merchant marketing, while creating a sustainable model for its merchants by measuring and rewarding consumers’ loyalty.

Chase is a banking business arm of JPMorgan Chase & Co, which has assets of $2.3 trillion and operations in more than 60 nations. It serves over 50 million consumers and 4 million small businesses through more than 5,500 bank branches, 17,500 ATMs, among others.