[December 28, 2020]
JPMorgan Chase Acquiring a Leading Travel and Loyalty Business
JPMorgan Chase & Co. (NYSE: JPM) and cxLoyalty Group Holdings today announced they have signed an agreement for JPMorgan Chase to acquire the Global Loyalty business of cxLoyalty Group Holdings. The deal includes cxLoyalty s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. This investment demonstrates our commitment to deliver exceptional travel benefits at-scale to our large and rapidly growing customer base. People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel, said Marianne Lake, Chief Executive Officer of Consumer Lending at JPMorgan Chase.
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(Reuters) - JPMorgan Chase & Co said on Monday it would buy the global loyalty division of cxLoyalty Group Holdings Inc, a third-party credit card loyalty program service provider.
The transaction, whose financial terms were not disclosed, will see the Wall Street bank integrate cxLoyalty s technology platforms, full service travel agency, gift card, merchandise, and points bank businesses into its Chase cards program People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future, Marianne Lake, head of JPMorgan s consumer lending business, said in a statement.
The bank agreed Monday to acquire the technology platforms, travel agency, gift card and points businesses of cxLoyalty Group, a privately held Stamford, Connecticut-based company, according to a person with direct knowledge of the deal.
JPMorgan is taking about half of the company s 3,100 employees in the transaction and will create a new business within its retail division reporting to Marianne Lake, head of the bank s consumer lending business, the person said. The transaction will close this week, but the person declined to say how much the bank paid. People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future, Lake said in a statement provided to CNBC. Acquiring the travel and rewards businesses of cxLoyalty will provide enhanced experiences to our millions of Chase customers once they are ready, comfortable and confident to travel.