Points International has announced that it has entered into an agreement to acquire nearly all of the assets of MilePoint, a loyalty program technology provider and operator.

Once the acquisition is completed and both companies’ offerings are combined, MilePoint’s partners will be able to participate in The Points Exchange and add their own loyalty currency to the site’s list of more than 3,600 exchange options.

Readers might remember that MilePoint was the great hope to turn “miles into money.” Very well run and connected, this venture wasn’t able to extract enough revenue from the airlines to profitably convert miles into otherwise great award offerings. With this merger, it’s a good bet that miles for merchandise value will likely remain an elusive goal for others.