Recycle Track Systems (RTS) announced the acquisition of Recyclebank, signaling RTS' continued growth in the waste and recycling industry. This is the company's first acquisition since launching in 2015 and follows RTS' recent hire of Allyn L. Shaw, a banking and technology executive, as president and chief technology officer.
"This marks a major step forward in expanding RTS' technology offerings and further highlights our commitment to putting positive social impact into action," said RTS CEO Greg Lettieri in a statement. "The move not only aligns with our core values but underscores the company's commitment to modernizing the waste and recycling industry for everyone."
In closing on the sale of Recyclebank, a rewards platform that encourages individuals to recycle through an incentive program, RTS now expands into the gamification space. Users measure their recycling participation via online engagement, earning points by tracking their daily sustainability habits. The more users recycle and learn, the more rewards they earn that can be used to support local businesses, purchase green-friendly products or make donations to user-chosen charities.
This move also supports RTS' recent entry into the municipal sector by combining technology, analytics, educational programs and incentives at the individual level.
"Recyclebank is the only incentive program for recycling on the market," said Shaw in a statement. "Its approach to innovation, and the way Recyclebank leverages technology to improve waste diversion, naturally aligns with our model as we expand our capabilities to serve customers."
This deal will add value to RTS' current diversion tracking services, in which community officials and residents can use the platform to understand recycling habits, collectively send less trash to landfill and improve economics around waste.
Shaw also notes that RTS plans to utilize the Recyclebank platform to support other industries by encouraging effective recycling practices for businesses. "Legislation and regulation vary across cities, making it challenging for companies to educate their customer base—and even their own employees—on proper waste sorting, such as what can and can't be recycled," added Shaw. "By providing an interactive platform, users can stay up-to-date on compliance and use the helpful resources at their fingertips."
Recyclebank has 2 million members, serves 67 municipalities and tracked 1 billion pounds of recycled material through user engagement in 2018.