Capillary Technologies to acquire Mastercard’s Session M for $20 mn

BENGALURU: Loyalty management platform operator Capillary Technologies India late Tuesday announced the acquisition of Mastercard-owned Session M, in an all-cash $20 million deal.

The Bengaluru-headquartered company, which went public in November 2025, will invest into Session M Inc and related entity Session M Czech Republic, through Capillary Pte Ltd, as per a stock exchange disclosure.

Founded in 2011 and acquired by NYSE-listed Mastercard in 2019, US-headquartered Session M also operates in the loyalty software-as-a-service (SaaS) space. It reported a turnover of $50.5 million in the calendar year of 2025, compared with $54.5 million in 2024 and $57 million in 2023.

The deal is valued at $20 million upfront, with the final payout subject to adjustments at closing for debt, working capital and related factors. Session M has a significant presence in North America, along with Latin America and Asia Pacific markets, as per the disclosure. It serves clients across food and beverages, consumer goods and retail, airlines, and oil and gas.

Capillary said the acquisition forms part of its inorganic growth strategy to strengthen its footprint in North American and Latin American loyalty markets while adding to its APAC portfolio. It added that Session M’s complementary business model and long-tenured blue-chip clientele are expected to support post-acquisition efficiencies in the loyalty segment.

Post-acquisition, the combined entity is expected to have over $115 million in annual recurring revenue and serve more than 150 customers globally, an investor presentation on the deal said.