PMorgan Chase & Co said Monday it will buy the global loyalty division of cxLoyalty Group Holdings Inc., a third-party credit card loyalty program service provider.
The transaction, whose financial terms have not been disclosed, will see the Wall Street bank integrate cxLoyalty technology platforms, the full-service travel agency, the gift card, the merchandise and score the banking companies in its Chase card program.
“People around the world are going on holiday and traveling again, and we hope that this will become a reality for many in the near future,” Marianne Lake, head of JPMorgan’s consumer lending business, said in a statement.
“Purchasing cxLoyalty travel and reward companies will provide enhanced experiences for our millions of Chase customers once they are ready, comfortable and confident in their travels.”
Just under half of cxLoyalty employees, including CEO Todd Siegel, will move to join J.P. Morgan, said Amy Bonitatibus, JP Morgan’s communications director. CxLoyalty, based in Stamford-Connecticut, has a total of 3,100 employees.
A CNBC report said this was JP Morgan’s second test with cxLoyalty after working with him on his credit card rewards program until 2018, before moving to Expedia.