1-800-FLOWERS.COM Bolsters Corporate Gifting Capabilities Via SmartGift Deal

1-800-FLOWERS.COM Inc FLWS has acquired the gifting platform SmartGift Inc. The financial terms of the transaction were not disclosed.
SmartGift will provide FLWS with a customized gifting solution for all kinds of gifting experiences, including retail, entertainment, corporate, and more, through its engagement and rewards platform and features.
The acquisition of SmartGift expands the company's consumer and corporate gifting capabilities.
It allows users to send, track, and manage gifts and recognition campaigns for employees and clients quickly and efficiently.
Bernd Strenitz, Founder and CEO, SmartGift, Inc., will join FLWS as Vice President, SmartGift.
The company held $189.7 million in cash and equivalents as of January 1, 2023.
Price Action: FLWS shares are trading lower by 5.83% at $8.15 on the last check Tuesday.