cxLoyalty Group Holdings Inc. Completes Sale of its Global Loyalty Division to JPMorgan Chase

Rhea-AI Summary

On December 31, 2020, cxLoyalty Group Holdings completed the sale of its Global Loyalty division to JPMorgan Chase (NYSE: JPM). The acquisition integrates cxLoyalty’s technology platforms, travel agency, and loyalty programs into JPMorgan's Global Customer Engagement division, headquartered in Stamford, CT. cxLoyalty aims to enhance its product offerings and capitalize on growth opportunities without capital constraints. The transaction does not affect cxLoyalty's other ongoing businesses.

Positive

• cxLoyalty's integration into JPMorgan opens new capital opportunities for expansion.
• The sale allows cxLoyalty to focus on enhancing product offerings and client solutions.

Negative

• None.

STAMFORD, Conn., Dec. 31, 2020 /PRNewswire/ -- cxLoyalty Group Holdings, Inc. ("cxLoyalty Group Holdings") today announced the closing of the previously announced sale of its Global Loyalty division ("cxLoyalty") to JPMorgan Chase & Co. (NYSE: JPM) ("JPMC"). The Company will operate under the Global Customer Engagement division and will be headquartered in Stamford, CT.

The transaction includes cxLoyalty's leading technology platforms, full service travel agency, gift card, merchandise, and points bank businesses. cxLoyalty will operate as a business unit within JPMC. The transaction excludes cxLoyalty Group Holdings' Global Customer Engagement division and other ongoing businesses.

"Today marks an important next chapter for the Global Customer Engagement business," said Greg Miller, who will lead the Global Customer Engagement Division going forward. "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."

About cxLoyalty Group
cxLoyalty Group is a leading loyalty and customer engagement solutions company servicing 70 million consumers with approximately 3000 client & marketing partner relationships and over 40 years of experience. We design, administer and fulfill loyalty and customer engagement programs that strengthen and expand the value of relationships for brands around the globe, including many of the largest and most respected companies in the financial services, retail, travel, and telecom industries. Based in Stamford, Conn., cxLoyalty has approximately 3100 associates in 19 countries. For more information, visit www.cxloyalty.com.

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SOURCE cxLoyalty Group, Inc.

FAQ

What division did JPMorgan Chase acquire from cxLoyalty Group Holdings?

JPMorgan Chase acquired the Global Loyalty division from cxLoyalty Group Holdings.

When was the sale of cxLoyalty's Global Loyalty division completed?

The sale was completed on December 31, 2020.

What will cxLoyalty Group Holdings focus on after the sale to JPMorgan Chase?

After the sale, cxLoyalty will focus on enhancing its product offerings and client solutions.

Where will cxLoyalty operate after being acquired by JPMorgan Chase?

cxLoyalty will operate as part of JPMorgan's Global Customer Engagement division headquartered in Stamford, CT.

How will the sale impact cxLoyalty's future business opportunities?

The sale is expected to allow cxLoyalty to expand its product roadmap and explore various growth opportunities.