Adyen adds loyalty software in €750m Talon.One deal

Adyen has agreed to acquire Talon.One for €750 million, giving the Dutch payments group full ownership of the Berlin-based loyalty and incentives software company.

The transaction will be funded from existing cash resources. Talon.One Co-founders Christoph Gerber and Sebastian Haas will reinvest part of their proceeds into newly issued ordinary shares in Adyen.

The acquisition is subject to closing conditions and regulatory approvals, and is expected to be completed in the second half of 2026.

Founded in 2015, Talon.One sells software used by more than 300 merchants to manage loyalty schemes, promotions and incentives. Adyen expects the company to generate about €60 million in annual recurring revenue by the end of this year, following 30%-40% annual growth in recent years.

The deal pushes Adyen further beyond payment processing into software that allows merchants to change offers and pricing during a transaction. Many retailers still struggle to connect online and in-store customer data and apply it consistently at checkout.

Adyen plans to combine its payment and transaction data with Talon.One's software allows merchants to identify shoppers across channels and apply promotions directly in the basket. That could help merchants adjust incentives and pricing based on customer identity before a payment is completed.

Commerce push

The transaction also fits Adyen's broader push into unified commerce, an approach designed to link consumer interactions across online and physical sales channels. By adding Talon.One, Adyen is seeking a bigger role in how merchants manage pricing, promotions and customer retention, rather than focusing only on payment approval and processing.

Adyen believes the deal could improve transaction economics and create cross-selling opportunities between its merchant base and Talon.One's customers. It also sees room to expand in areas including everyday retail and domestic commerce.

The acquisition is also tied to newer forms of shopping automation, including transactions initiated earlier in the buying process and without direct user interaction. In that context, linking customer identity with product-level data and decisioning software could allow merchants to shape what is offered or sold across channels.

For Talon.One, the sale places its technology inside a much larger payments platform with a global merchant network. Adyen described the overlap between the two companies' client bases as meaningful.

"Our merchants ask us every day how they can better connect their online and in-store customer data and act on that in real time," said Ingo Uytdehaage, Co-CEO of Adyen. "Many have tried to build a solution themselves but struggle to turn insights into action. With Talon.One, a merchant can recognize a shopper and apply a relevant offer instantly, before the payment is completed, ultimately driving higher revenue."

Talon.One's founders said the deal would place their software at the centre of transaction flows across channels.

"Joining Adyen allows us to embed real-time decisioning at the core of every transaction," Gerber and Haas said. "Together, we enable merchants to connect customer identity with pricing and promotions in real time, in-store and online, driving better outcomes for our customers."

Alongside the acquisition announcement, Adyen reported first-quarter net revenue of €620.8 million, up 20% on a constant-currency basis from a year earlier. Its previously stated financial objectives are unchanged and were set independently of the Talon.One transaction.