New York-based company, Snappy, recognized for their role in the booming corporate gifting industry, recently revealed the acquisition of Covver, a platform specializing in corporate merchandise gifting. While the transaction’s details remain concealed, it is understood that the arrangement includes a combination of cash and shares.
Covver’s Notable Contributions
With $7 million in funding, Covver has made a name for itself in the corporate world for its AI-driven custom-making of swag merchandise. The Tel Aviv, Israel-based platform personalizes products, enabling businesses to show appreciation in a more personal and engaging way.
The Snappy-Covver Fusion
Snappy’s CEO, Hani Goldstein, stated that Covver’s expertise would synergize with Snappy’s gifting capabilities. Covver is set to become the “swag channel” on Snappy’s platform, which would aid in streamlining personalization in the corporate gifting sector.
Significance of the Acquisition
Hani Goldstein highlighted the $260 billion-worth corporate gifting industry and $50 billion in gift cards alone, speaking to the opportunity space in the market. She expressed Snappy’s interest in maintaining the elegance of gifting while ensuring convenience, thus transforming it from a transactional to a more personal experience.
In response to the acquisition, Covver’s CEO, Roee Hemed, applauded the expanded product solutions and the leverage of Snappy’s trusted gifting platform for their customers.
Boasting over 47% of Fortune 100 companies as clients, including giants like Microsoft, Amazon, and Comcast, Snappy looks forward to navigating this competitive realm, with other significant players like Sendoso, Postal, and &Open consistently upping the game.
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