Prepaid and payments company Blackhawk Network has reached an agreement to buy Achievers Corp.

Pleasanton, Calif.-based Blackhawk will purchase the corporate incentives company using cash on hand, with the deal expected to close by June 30. Blackhawk will use the acquisition to improve its own incentives division, Blackhawk Engagement Solutions, which it launched earlier this year.

"Achievers' award-winning employee recognition platform is a complementary addition to our employee engagement portfolio and will enhance Blackhawk's leadership position in the corporate incentives market," said Talbott Roche, Blackhawk's president, in a June 11 news release.

Achievers operates the cloud-based Employee Success Platform, which works to drive employee engagement with social recognition and rewards. The platform provided more than 7 million employee recognitions in 2014.

Beyond corporate incentives, Blackhawk's main business is in managing and distributing gift cards, prepaid telecom products and financial service products through multiple channels.

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