In a statement JPMorgan Chase & Co said, it would acquire the global loyalty division of cxLoyalty Group Holdings Inc – a third-party credit card loyalty program service provider.
JPMorgan did not disclose the financial terms of the acquisition.
“People across the globe want to vacation and travel again, and hopefully that will become a reality for many in the near future,” said Marianne Lake, head of JPMorgan’s consumer lending business. The deal will see JPMorgan integrate “cxLoyalty’s technology platforms, full service travel agency, gift card, merchandise, and points bank businesses into its Chase cards program”.
She went on to add, “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.”
According to Amy Bonitatibus, JP Morgan’s chief communications officer, a little less than 50% of cxLoyalty’s employees, including its CEO Todd Siegel, will be joining J.P. Morgan.
cxLoyalty has an employee strength of 3,100.