back Back

JPMorgan Chase acquires cxLoyalty’s global loyalty division

By Pavithra R

December 29, 2020

  • JPMorgan Chase
  • USA
Share

JPMorgan Chase (JPMC) has entered into a definitive agreement to acquire the global loyalty division of cxLoyalty Group Holdings, a private company based in Stamford, Connecticut that provides customer engagement and loyalty programs.

Under the deal, cxLoyalty will operate as a business unit within JPMC. The transaction includes cxLoyalty’s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses and excludes cxLoyalty Group Holdings’ Global Customer Engagement division and other ongoing businesses (collectively the Global Customer Engagement Division).

The Global Customer Engagement Division is planning to use proceeds from the sale, to strengthen its balance sheet, accelerate its focus on driving engagement, advocacy and growth through user and content intelligence and platform analytics.

“We are pleased to announce this compelling transaction, which provides significant benefits for our clients, customers, employees and other stakeholders. We have built two strong, distinct businesses, and we look forward to enhancing their focus on their unique strategic priorities and market opportunities. We anticipate the transition to be seamless. Our employees have worked tirelessly to achieve this milestone, and thanks to their efforts we are positioning both cxLoyalty and the Global Customer Engagement Division for an even stronger future,” said Todd Siegel, Chief Executive Officer of cxLoyalty Group Holdings. 

“cxLoyalty will continue to strengthen and expand the value of relationships for its clients and their customers through its leading technology, rewards content in relevant categories including travel, gift cards and merchandise, and world-class personalized customer experience,” added Mr Siegel.

As a result of the transaction, cxLoyalty and the Global Customer Engagement Division will focus on their respective market opportunities with dedicated teams & resources, enabling new avenues for growth and success. The new ownership is expected to drive greater investments in its technology, content and servicing solutions to benefit its clients and enhance customer experience.

“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 driving engagement, advocacy and growth through user and content intelligence, and platform analytics. In addition, the company will have a stronger balance sheet to invest in its data intelligence growth initiatives,” said Greg Miller, who will lead the Global Customer Engagement Division going forward. 

Previous Article

December 29, 2020

ICICI Bank and Google Pay enable FASTag issuance via UPI

Read More
Next Article

December 29, 2020

Digital Lending Capital Corp (DLCC) welcomes Jeanine Hightower-Sellitto to its Board

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

JPMorgan Chase

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

Capital on Tap partners with Plaid in the UK

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

May 21, 2024

Cuckoo renews relationship with GoCardless for direct debits

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023