Strategic Purchase by Centerbridge Funds to Enable Next Generation of
Marketing and Commerce Software Solutions; Accelerates Mission to Bring
AI to the CMO
Post-Close, Current Executive Team to Continue Leading Business
NEW YORK & ARMONK, N.Y.--(BUSINESS WIRE)--Apr. 4, 2019--
Centerbridge Partners, L.P. ("Centerbridge") and IBM (NYSE: IBM) today
announced a definitiveagreement under which funds advised by
affiliates of Centerbridge will acquire IBM’s marketing platform and
commerce software offerings (the “Company”). The transaction is expected
to close in mid-2019, subject to completion of applicable regulatory
reviews and customary closing conditions.
After closing, Centerbridge intends to form a standalone company that
will deliver a modern, comprehensive portfolio of solutions to meet the
CMO’s biggest challenges across marketing and advertising. The Company
will announce a new name and brand identity, which will be launched
The Company will be led by Mark Simpson as CEO, after the closing, along
with other key IBM executives, and will move its headquarters to New
York City. Mr. Simpson is currently Vice President, Offering Management
and Strategy for the IBM Marketing Platform and Commerce offerings. He
was previously the founder and president of Maxymiser, a recognized
leader in customer experience optimization. Centerbridge plans to
establish a board of directors for the new company, which will include
independent members with deep marketing and software experience.
IBM’s marketing and commerce software offerings include:
Customer Experience Analytics
Universal Behavior Exchange
Price & Promotion Optimization
The offerings today include marketing automation tools, marketing
analytics, an AI-powered content management system, an open ecosystem
connector, and robust services. Centerbridge will position the
standalone company to lead the next generation of marketing and commerce
software solutions, by further investing in AI, growing the marketing
ecosystem, and giving marketers tools to protect user privacy.
“We are excited about this next chapter, which will enable us to build
on the significant steps we have taken over the last few years to
modernize the portfolio. Once closed, this transaction will help us
accelerate our efforts to empower our clients to make smarter, more
timely decisions in their marketing and advertising initiatives. We look
forward to working with Centerbridge’s world-class team to ensure a
smooth transition and position the business to drive the next generation
of marketing clouds,” said Mr. Simpson.
Jared Hendricks, Senior Managing Director at Centerbridge, commented,
“The Company is a demonstrated leader in offering AI-powered marketing
solutions in an ever-evolving industry. We are deeply committed to
advancing these compelling products through continued investment and
intend to accelerate existing product roadmaps and introduce new
categories. Following close, we look forward to working with existing
business partners and the Company’s highly talented team, including Mark
Simpson, whose industry experience and significant domain expertise make
him the perfect fit to lead this business during its next phase of
“IBM plans to work with Centerbridge on cloud and AI to help our
customers continue to transform in this new era of technology, and we
hope to find additional ways to continue collaborating for the longer
term,” said Inhi Cho Suh, General Manager, IBM.
Financial terms and conditions of the transaction were not disclosed.
About Centerbridge Partners, L.P.
Centerbridge Partners, L.P. is a private investment management firm
employing a flexible approach across investment disciplines – from
private equity to credit and related strategies, and real estate – in an
effort to find the most attractive opportunities for our investors and
business partners. The firm was founded in 2005 and as of December 2018
has approximately $28 billion in capital under management with offices
in New York and London. Centerbridge is dedicated to partnering with
world-class management teams across targeted industry sectors and
geographies to help companies achieve their operating and financial
objectives. For more information, please visit www.centerbridge.com.
For more information, please visit www.ibm.com.
View source version on businesswire.com:
Source: Centerbridge Partners, L.P.
Jeremy Fielding / Anntal Silver
IBM Media Relations