OC&C advises Tillo and Tenzing on the acquisition of Amilon

Tillo, a Tenzing portfolio company and global rewards, incentives and gift card platform, has acquired Amilon, a leading Italian provider of digital rewards and incentive solutions, strengthening its international presence and capabilities.

OC&C provided commercial due diligence to Tillo and Tenzing in support of the transaction, having previously advised Tenzing on its investment in Tillo.

Tillo is a global rewards, incentives and gift card platform, providing technology that connects businesses with more than 4,000 brands across 40 markets and 25 currencies. Through its API-led infrastructure, the business enables brands and organisations to deliver digital gift cards, rewards and incentives, supporting customer engagement, loyalty and employee recognition.

Founded in 2007, Amilon is a pioneer of Italy’s digital gift card market and a leading provider of digital incentives and employee benefits. The business operates across digital reward solutions, retail technology and media and advertising, connecting businesses, retailers and consumers through its proprietary technology and extensive brand network.

The acquisition represents an important milestone in Tillo’s international growth strategy, combining two complementary businesses with established positions across the UK, Italy and wider European markets. Together, Tillo and Amilon expect to process more than £3 billion in gift cards in 2026, creating a scaled international platform with expanded supplier reach, market access and capabilities across rewards, incentives and employee benefits.

The combination will enable Tillo to strengthen its offering to multinational customers, while leveraging Amilon’s expertise in employee benefits and its established presence in Southern Europe. It also creates opportunities for further international expansion, technology development and collaboration across the combined businesses.

The transaction builds on Tenzing’s investment in Tillo in 2025 and its strategy of supporting ambitious technology businesses through international expansion and strategic acquisitions.

OC&C and Private Equity and M&A

We’re a leading global strategy consultancy, with deep expertise across technology, digital platforms, business services and consumer markets, including the broader gift card, employee rewards and loyalty sectors. We work with investors and management teams to provide the commercial insight needed to make confident investment decisions and deliver long-term value.

In private equity, we have commercially advised on more than 500 successful transactions over the last five years, encompassing both sell-side and buy-side roles.

How we help

• We provide commercial and vendor due diligence to support investments, acquisitions and disposals.
• We help investors assess market attractiveness, competitive positioning, customer dynamics and future growth opportunities.
• We support portfolio companies in assessing strategic acquisitions, international expansion and opportunities to broaden their product and service offerings.
• We help investors and management teams accelerate performance and identify opportunities for organic and acquisitive growth.
• We translate investment theses into actionable 3-5 year value creation plans.

For more information, please contact our experts, or email [email protected].