STAMFORD, Conn., December 28, 2020 / PRNewswire / – cxLoyalty Group Holdings, Inc. (“cxLoyalty Group Holdings”) announced today that it has entered into a definitive agreement to sell its Global Loyalty (“cxLoyalty”) division to JPMorgan Chase & Co. (NYSE: JPM) (“JPMC”). The deal includes cxLoyalty’s leading technology platforms, full-service travel agencies, gift cards, merchandise and point bank companies. cxLoyalty will operate as a business unit within JPMC. The transaction excludes the Global Customer Engagement division of cxLoyalty Group Holdings and other ongoing companies (collectively the “Global Customer Engagement division”).
As a result of this transaction, cxLoyalty and the Global Customer Engagement division will focus on their respective market opportunities with dedicated equipment and resources, enabling new avenues for growth and success. Under its new ownership, cxLoyalty will drive even greater investments in its technology, content and service solutions to benefit its customers and customer experience. The Global Customer Engagement division expects to use the profits from the sale to significantly strengthen its balance sheet, allowing for greater investment in customer and content intelligence to deliver differentiated customized solutions.
“We are pleased to announce this compelling transaction, which provides significant benefits to our customers, clients, employees and other stakeholders. We have built two strong and different businesses and look forward to enhancing their focus on their unique strategic priorities and market opportunities. , “he said Todd Siegel, CEO of cxLoyalty Group Holdings. “We anticipate the transition to be seamless. Our employees have worked tirelessly to achieve this goal and, thanks to their efforts, we are positioning cxLoyalty and the Global Customer Engagement division to achieve an even stronger future.”
Siegel continued, “cxLoyalty will continue to strengthen and expand the value of relationships for its customers and clients through its leading technology, reward content in relevant categories, including travel, gift cards and merchandise, and personalized customer experience. world class “.
Greg Miller, who will lead the Global Customer Engagement Division in the future, said: “We are also pleased that the Global Customer Engagement Division has the continued support of Elliott Management, one of our major shareholders. With the sale, the company will accelerate its focus. to drive engagement, promotion and growth through user and content intelligence and platform analysis.In addition, the company will have a stronger balance sheet to invest in its intelligence growth initiatives. Data intelligence. ”
Leadership
At the close of the transaction, Mr. Siegel, who has been CEO of cxLoyalty Group Holdings since 2013, will move to JPMC as CEO of cxLoyalty.
Greg Miller, Chief Financial Officer and Chief Operating Officer of cxLoyalty Group Holdings, will lead the Global Customer Engagement division going forward. Miller has more than 18 years of experience with cxLoyalty Group Holdings and is responsible for all financial and operational functions as well as corporate strategy and capital allocation for new business initiatives throughout the company.
The transaction is expected to close in the next few days, subject to normal closing conditions.
Advisors
Goldman Sachs & Co. LLC acts as financial advisor and Davis Polk & Wardwell LLP acts as legal advisor to cxLoyalty Group Holdings. JP Morgan Securities LLC acts as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to JPMC.
About cxLoyalty Group
cxLoyalty Group is a leading customer loyalty and interaction solutions company serving 70 million consumers with approximately 3000 customer and marketing partner relationships and over 40 years of experience. We design, manage, and fulfill customer loyalty and interaction programs that strengthen and expand the value of relationships for brands around the world, including many of the largest and most respected companies in the financial services, retail, and retail industries. travel and telecommunications. Based on Stamford, Conn., cxLoyalty has approximately 3100 partners in 19 countries. For more information, visit www.cxloyalty.com.
SOURCES cxLoyalty Group, Inc.
Related links
cxloyalty.com