Rezolve AI agreed and completed on 10 February the acquisition of Reward Loyalty UK Limited, a provider of card-linked loyalty programmes, for an initial price of about $230m in cash.
Why Rezolve AI plc is buying Reward Loyalty UK Limited
Rezolve said Reward's engagement and commerce media tools complement its Brain Commerce platform and RezolvePay, combining conversational commerce with commerce media in one system rather than diversifying the business.
Deal terms and financing
The price is subject to adjustment for net debt and working capital at completion. About $28m was retained against warranties and $3m against completion accounts, and Reward's debt to HSBC Innovation Bank and certain shareholders was discharged at closing, according to Rezolve's SEC filing.
Regulatory approvals and timing
The deal completed on signing. Rezolve said chief executive Daniel Wagner, a former Reward director, resigned from Reward's board before signing and took no part in the decision.
Market context
Reward operates across Europe, the Middle East and Asia and works with hundreds of retailers and dozens of banks, with Visa, Mastercard and American Express support.
