Intel-backed loyalty rewards platform 500friends has been acquired by marketing agency Merkle for an eight-figure sum.

500friends, a US-based loyalty rewards platform backed by investors including semiconductor chip manufacturer Intel, has been acquired by customer relationship management company Merkle, according to the Wall Street Journal.

Details of the transaction remain undisclosed, though 500friends founder and CEO Justin Yoshimura told the WSJ the acquisition sum was an eight-figure dollar amount.

500friends raised $4.5m in a 2012 series A round that included Intel’s corporate venturing unit, Intel Capital and Crosslink Capital, before securing $5m in March 2013 from…