Synchrony has announced a definitive agreement to acquire Loop Commerce, a digital and in-store gifting services company, according to a press release.

Synchrony said the acquisition will help diversify its business, broaden its reach, provide more strategic value and capabilities for partners and deepen its technology portfolio.

"The acquisition of Loop Commerce allows Synchrony to move into an adjacent space by expanding our suite of products and services for retailers and consumers," Margaret Keane, president and CEO of Synchrony, said in the release. "Our disciplined approach to growth and investments is designed to help us better execute in the digitally transforming world. The acquisition of Loop Commerce will deepen our bench of digital talent and create new capabilities in gifting, as we continue working toward creating the most compelling consumer experience at every touch point."

Synchrony said it is acquiring Loop Commerce to make it faster and easier for partners to incorporate personalized digital and in-store gifting by marrying the simplicity of Loop Commerce's unique technology platform with Synchrony's deep consumer financial services experience, strong retail partnerships and loyalty programs.