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JPMorgan (JPM) Acquires Global Loyalty Division of cxLoyalty
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JPMorgan Chase (JPM - Free Report) has closed the deal to acquire the Global Loyalty division of cxLoyalty Group Holdings, which includes cxLoyalty’s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. However, the deal excludes cxLoyalty’s Global Customer Engagement division and other ongoing businesses.
Now, cxLoyalty will operate as a business unit within JPMorgan.
Being a leading loyalty and technology solutions company, cxLoyalty expertizes in designing, administering and fulfilling loyalty programs, which complements JPMorgan’s reputation of providing customers with elevated and differentiated value.
The acquisition is anticipated to accelerate the solid foundation built in loyalty, including JPMorgan’s Ultimate Rewards platform.
The chief financial officer (“CFO”) of cxLoyalty, Greg Miller, who will now lead the company’s Global Customer Engagement division, stated, “Today marks an important next chapter for the Global Customer Engagement business. 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.”
Miller added, “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.”
Notably, Goldman Sachs & Co. LLC, a unit of Goldman Sachs (GS - Free Report) , acted as the financial advisor to cxLoyalty for the deal.
JPMorgan’s continued efforts to expand footprint remain impressive. The company remains focused on acquiring the industry's best deposit franchise and strengthening its loan portfolio.
Shares of JPMorgan have gained 32.5% over the past six months compared with 27.9% growth recorded by the industry.
A couple of other top-ranked stocks from the finance space are mentioned below.
Morgan Stanley (MS - Free Report) has witnessed an upward earnings estimate revision of 1.1% for the current year over the past 60 days. This Zacks Ranked #2 (Buy) stock has appreciated 43.2% over the past three months.
The Charles Schwab Corporation’s (SCHW - Free Report) current-year earnings estimates rose 5.4% in 60 days’ time. Further, the company’s shares have appreciated 43.6% over the past three months. At present, it carries a Zacks Rank #2.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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JPMorgan (JPM) Acquires Global Loyalty Division of cxLoyalty
JPMorgan Chase (JPM - Free Report) has closed the deal to acquire the Global Loyalty division of cxLoyalty Group Holdings, which includes cxLoyalty’s leading technology platforms, full-service travel agency, gift card, merchandise, and points bank businesses. However, the deal excludes cxLoyalty’s Global Customer Engagement division and other ongoing businesses.
Now, cxLoyalty will operate as a business unit within JPMorgan.
Being a leading loyalty and technology solutions company, cxLoyalty expertizes in designing, administering and fulfilling loyalty programs, which complements JPMorgan’s reputation of providing customers with elevated and differentiated value.
The acquisition is anticipated to accelerate the solid foundation built in loyalty, including JPMorgan’s Ultimate Rewards platform.
The chief financial officer (“CFO”) of cxLoyalty, Greg Miller, who will now lead the company’s Global Customer Engagement division, stated, “Today marks an important next chapter for the Global Customer Engagement business. 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.”
Miller added, “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.”
Notably, Goldman Sachs & Co. LLC, a unit of Goldman Sachs (GS - Free Report) , acted as the financial advisor to cxLoyalty for the deal.
JPMorgan’s continued efforts to expand footprint remain impressive. The company remains focused on acquiring the industry's best deposit franchise and strengthening its loan portfolio.
Shares of JPMorgan have gained 32.5% over the past six months compared with 27.9% growth recorded by the industry.
Currently, the company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stocks to Consider
A couple of other top-ranked stocks from the finance space are mentioned below.
Morgan Stanley (MS - Free Report) has witnessed an upward earnings estimate revision of 1.1% for the current year over the past 60 days. This Zacks Ranked #2 (Buy) stock has appreciated 43.2% over the past three months.
The Charles Schwab Corporation’s (SCHW - Free Report) current-year earnings estimates rose 5.4% in 60 days’ time. Further, the company’s shares have appreciated 43.6% over the past three months. At present, it carries a Zacks Rank #2.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>