JPMorgan Chase Acquires cxLoyalty's Global Loyalty Division
JPMorgan Chase & Co has acquired cxLoyalty Group Holdings' Global Loyalty division, which will operate under Chase's Global Customer Engagement division. Financial terms of the deal were not disclosed.
The transaction includes cxLoyalty's technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. It does not include cxLoyalty Group Holdings' Global Customer Engagement division and other businesses.
"Today marks an important next chapter for the Global Customer Engagement business," said Greg Miller, who will lead Chase's Global Customer Engagement Division, in a statement. "We are excited to be in a position to expand our product roadmap without capital constraints, which will open up a number of opportunities for the company and better position us for the future. We have built significant momentum in our business and we will continue to advance our efforts in delivering unique, personalized solutions to our clients and their customers through user and content intelligence, and platform analytics. Our people, solution set, scale and delivery capability are what set us apart, and I look forward to working with our talented team as we execute on our shared long term-vision and propel our business to its next level of growth."