PDI Technologies has acquired P97 Networks, a leading mobile commerce and digital marketing platform provider for the convenience retail, automative and fuel markets.
The P97 platform is a cloud-based solution that enables brands to securely connect with consumers through mobile devices. Many of the leading fuel brands, including CITGO Petroleum, ExxonMobil and Shell, use the P97 platform for their Mobile Payment Processing Application (MPPA). In addition to serving fuel retailers, P97 innovates across the transportation sector with solutions in development for fleet, connected cars and electric vehicle charging.
“We’ve worked to evolve how consumers interact with brands through the engaging, data-driven payment and loyalty platform we’ve created at P97,” said Donald Frieden, CEO and founder, P97 Networks. “We’re only getting started. I look forward to our team joining PDI as together we expand our connection to drivers, retailers, OEMs and others across an even bigger, more connected transportation network.”
PDI plans to invest in the P97 platform and further expand its availability and capabilities. This includes developing an omnichannel consumer experience that enables payment capabilities for a growing number of connected devices such as emerging wearable technologies, vehicle infotainment systems and more.
“P97 has established itself as a true innovator in transforming digital engagement for commerce,” said Matt Andrews, executive vice president, site solutions, PDI Technologies. “What P97 has created in the last 10 years complements, extends and accelerates what PDI offers today when it comes to fully integrated experiences that engage consumers in personalized journeys and deliver on a brand’s promise through mobile app, loyalty, and payment solutions.”
The acquisition of P97 Networks follows other recent acquisitions completed by PDI, including Nuspire and Comdata Merchant Solutions, which have extended cybersecurity offerings to the automotive market and Point of Sale (POS) capabilities to commercial fueling, respectively.
“We continue to grow our portfolio and market reach at PDI,” said Jimmy Frangis, CEO, PDI Technologies. “The addition of the P97 platform is another example of a complementary technology added to the PDI suite to serve customers, engage consumers, and enable a complete transaction across an extended network. We welcome the P97 team, technology, and customers as we continue building a robust and interconnected ecosystem.”
Berenson & Company, LLC served as the financial advisor to PDI in connection with the transaction. BofA Securities served as the financial advisor to P97.
