STAMFORD, Conn., December 28, 2020 / PRNewswire / – cxLoyalty Group Holdings, Inc. (“cxLoyalty Group Holdings”) today announced that it has entered into a definitive agreement to sell its Global Loyalty division (“cxLoyalty”) to JPMorgan Chase & Co. (NYSE: JPM) (“JPMC”). The deal includes cxLoyalty’s leading technology platforms, a full-service travel agency, gift cards, merchandise and points banking companies. cxLoyalty will operate as a business unit within JPMC. The transaction excludes cxLoyalty Group Holdings’ Global Customer Engagement division and other ongoing operations (collectively, the Global Customer Engagement Division).
As a result of this transaction, both cxLoyalty and the Global Customer Engagement Division will focus on their respective market opportunities with dedicated teams and resources, opening new avenues for growth and success. Under its new ownership, cxLoyalty will invest even more in its technology, content and service solutions for the benefit of its customers and the customer experience. The Global Customer Engagement Division expects to use the proceeds from the sale to meaningfully strengthen its balance sheet, enabling further investment in customer and content intelligence to deliver differentiated personalized solutions.
“We are delighted to announce this exciting transaction, which will provide significant benefits to our customers, customers, employees and other stakeholders. We have built two strong, distinct businesses and we look forward to further focusing on their unique strategic priorities and market opportunities. enlarge., ”said Todd Siegel, Chief Executive Officer of cxLoyalty Group Holdings. “We expect the transition to be seamless. Our employees have worked tirelessly to reach this milestone, and through their efforts we are positioning both cxLoyalty and the Global Customer Engagement Division for an even stronger future.”
Mr. Siegel continued, “cxLoyalty will continue to enhance and expand the value of relationships for its customers and their customers through its industry-leading technology, rewarding content in relevant categories including travel, gift cards and merchandise, and a world-class personalized customer experience.”
Greg Miller, who will head the Global Customer Engagement Division in the future, said: “We are also delighted that the Global Customer Engagement Division will receive the continued support of Elliott Management, one of our largest shareholders. With the sale, the company will focus on Driving engagement, advocacy and growth through user and content intelligence and platform analytics. In addition, the company will have a stronger balance to invest in its data intelligence growth initiatives. ”
Leadership
Upon closing of the transaction, Mr. Siegel, who has been CEO of cxLoyalty Group Holdings since 2013, will transfer to JPMC as CEO of cxLoyalty.
Greg Miller, Chief Financial Officer and Chief Operating Officer of cxLoyalty Group Holdings, will head the Global Customer Engagement Division in the future. Mr. 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 across the company.
The transaction is expected to close in the coming days, subject to customary closing conditions.
Advisors
Goldman Sachs & Co. LLC acts as a financial advisor and Davis Polk & Wardwell LLP is acting as legal counsel to cxLoyalty Group Holdings. JP Morgan Securities LLC is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to JPMC.
About cxLoyalty Group
cxLoyalty Group is a leading loyalty and customer engagement company serving 70 million consumers with approximately 3,000 customer and marketing partner relationships and more than 40 years of experience. We design, manage and execute loyalty and customer engagement programs that strengthen and enhance the value of relationships for brands around the world, including many of the largest and most respected companies in the financial services, retail, travel and telecom sectors. Located in Stamford, Conn.cxLoyalty has approximately 3,100 employees in 19 countries. For more information, visit www.cxloyalty.com.
SOURCE cxLoyalty Group, Inc.
Related Links
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