The prepaid card company Blackhawk Network has agreed to acquire Parago, a customer engagement firm, for approximately $290 million.

The all-cash deal would allow Blackhawk to expand its corporate promotional offerings, the company said in a Sept. 25 news release.

"Adding Parago into our portfolio is a significant step forward for Blackhawk's expansion plans in the large but fragmented incentives market," said Bill Tauscher, Blackhawk's chief executive, in the release.

Under the agreement, Parago would operate as a subsidiary and maintain its Dallas headquarters.  Additionally, Juli Spottiswood, Parago's president, would oversee Blackhawk's corporate incentive business.

Last week, the Pleasanton, Calif.-based Blackhawk completed itsacquisition of CardLab, a provider of business-to-business incentive and rewards cards. Blackhawk's technology is used by companies such as GoogleAmazonCoinstar and Monitise

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