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 agreement includes cxLoyalty’s state-of-the-art technology platforms, full-service travel agencies, gift cards, merchandise and point banking companies. cxLoyalty will function 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, each of cxLoyalty and the Global Customer Engagement Division will focus on those market opportunities with dedicated teams and resources, enabling new avenues for growth and success. Under its new ownership, cxLoyalty will drive even greater investment in its technology, content and service solutions to benefit its customers and customer experience. The Global Customer Engagement Division expects to use sales revenue to significantly strengthen its balance sheet, allowing additional investment in customer intelligence and content to deliver differentiated customized solutions.
“We are pleased to announce this compelling transaction, which offers significant benefits to our customers, clients, employees and other stakeholders. We have built two distinct strong companies and look forward to increasing their focus on their unique strategic priorities and market opportunities. ,” said Todd Siegel, Executive Director of cxLoyalty Group Holdings. “We expect the transition to be perfect. Our employees have worked tirelessly to reach this stage and, thanks to 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 strengthen and expand the value of relationships for its customers and their customers through its state-of-the-art technology, rewards content from relevant categories, including travel, gift cards and merchandise, and personalized world-class customer experience. . “
Greg Miller, which will lead the Global Customer Engagement division in the future, said: “We are also pleased that the Global Customer Engagement Division will have the continued support of Elliott Management, one of our largest shareholders. With the sale, the company will accelerate its focus on stimulating engagement, promotion and growth through user and content information and platform analysis. In addition, the company will have a stronger balance sheet to invest in its initiatives to increase data information. ”
Lead
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 in the future. Mr. Miller has over 18 years of experience in 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 enterprise.
The transaction is expected to close in the next few days, under normal closing conditions.
councilors
Goldman Sachs & Co. LLC acts as financial advisor and Davis Polk & Wardwell LLP acts as legal counsel for cxLoyalty Group Holdings. JP Morgan Securities LLC acts as financial advisor and Wachtell, Lipton, Rosen & Katz acts as legal counsel for JPMC.
About cxLoyalty Group
The cxLoyalty Group is a leading company in customer loyalty and involvement solutions, serving 70 million consumers, with approximately 3,000 customer relationships and marketing partners and over 40 years of experience. We design, manage and implement customer loyalty and engagement programs that strengthen and expand the value of brand relationships around the world, including many of the largest and most respected companies in the financial services, retail, tourism and telecommunications industries. Based in Stamford, Conn., cxLoyalty has approximately 3100 associates in 19 countries. For more information, visit www.cxloyalty.com.
SOURCE cxLoyalty Group, Inc.
Related links
cxloyalty.com