Tillo Acquires Amilon, Forging Gift Card Giant

Tillo, a prominent UK-based digital rewards and gift card platform backed by European private equity firm Tenzing, has significantly expanded its European footprint with the acquisition of Milan-based Amilon. This strategic move unites two key players in the digital incentive and gift card sector, creating a combined entity projected to process over £3 billion in gift card value by 2026. The transaction marks a pivotal step in Tillo's international growth strategy, particularly its push into continental Europe.

Amilon, a leader in the Italian market for digital gift cards, corporate incentives, and employee benefits, was previously controlled by the software giant Zucchetti and its founders. The acquisition sees Zucchetti exit its stake, while Amilon co-founders and co-CEOs, Andrea Verri and Fabio Regazzoni, will reinvest in the newly formed group and continue to lead the Italian operations. This reinvestment underscores confidence in the combined entity's future prospects and ensures continuity in management expertise.

The deal's financial architecture involved Tenzing, the European technology investor, providing crucial backing. Tenzing, which invested in Tillo in May 2025 via its £900 million Tenzing Fund III, had identified European expansion and further M&A as core growth pillars for Tillo. The acquisition of Amilon directly fulfills this objective, establishing a substantial presence in Southern Europe. This follows Tillo's earlier acquisition of UK-based Jigsaw Business Solutions in March 2024 for £3.6 million, demonstrating a consistent acquisitive approach.

The integration of Amilon is expected to yield significant synergies. Amilon's proprietary technology ecosystem, spanning Digital Reward Solutions, Retail Tech, and Media & Advertising, complements Tillo's existing offerings. The combined group anticipates an impressive year-on-year growth rate of 30%, driven by cross-selling opportunities and enhanced market penetration across diverse European geographies, including Italy, the UK, Spain, and Poland. This consolidation arrives at a time when the digital gift card and employee incentive market is experiencing robust expansion, fueled by evolving consumer preferences and corporate HR strategies.

Industry analysis indicates that the global digital gift card market is projected to reach substantial figures in the coming years, with corporate gifting and employee recognition programs forming a significant segment. Tillo's strategic acquisition of Amilon positions it advantageously to capture a larger share of this expanding market. The combined entity's projected £3 billion processing volume by 2026 highlights its scale and potential influence within the sector, setting a new benchmark for digital reward platforms operating across multiple European markets.

Advisory services for the transaction were provided by Clearwater Financial Services and EMC Corporate Finance for Tillo on the financial side, with Simmons & Simmons handling legal matters. Amilon was supported by Intermonte as its financial advisor and Gianni & Origoni for legal counsel, ensuring a smooth and comprehensive deal execution.