National Gift Card

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  • NGC is a provider of incentive, rewards, and loyalty program services and solutions focused on supporting the large and growing reward medium of prepaid gift cards
  • The Company sells direct to corporate clients and through incentive program managers (running the prepaid gift card portion of a broader program)
  • Customers of NGC use incentive, rewards, and loyalty programs to influence employee behaviors with internal programs and to influence end-consumer behaviors with external programs
  • We identified prepaid as an attractive niche in the payments field as companies were increasingly looking to move consumers into branded currency (i.e., Starbucks driving purchasing traffic through their app), new delivery trends were emerging, and the utilization of prepaid offerings to drive behavior was expanding
  • Through a relationship with an executive in the space, we were introduced to NGC and were able to demonstrate our deep knowledge of the space to the seller, which allowed us to acquire the business on a proprietary basis

Investment Thesis/RAMP Value Creation Plan:

  • As gift cards continue to take share in incentive, rewards, and loyalty programs to influence employee and customer behaviors and as retailers look to engage with through loyalty programs in their own currencies, the market should continue to expand
  • Create a leading end-to-end stored value card incentive platform capable of delivering rewards in a variety of ways
  • We rapidly grew the company organically by focusing the go-to-market strategy on key verticals
  • We closed on a proprietary add-on shortly after close to add technology capabilities and diversify the revenue stream into adjacent distribution channels
  • We built out the team and implemented operational improvements (including the installation of NetSuite) to enable the business to continue its rapid expansion
  • In addition, we invested in the development of proprietary technology to create additional ancillary services to sell into the customer base and enhance customer stickiness


  • We successfully sold NGC to a strategic buyer in Q4 2020