Centerbridge’s standalone organization will be leading the next-generation of marketing and commerce software solutions.
Centerbridge Partners, a multi-strategy private investment firm has announced a definitive agreement with IBM under which the funds directed by affiliates of Centerbridge will obtain IBM’s marketing platform and commerce software offerings.
Sources close to the matter have reported it is expected that the transaction will close in mid-2019 on the completion of regulatory reviews and closing conditions. Furthermore, after closing, Centerbridge aims to build a standalone organization which will be delivering modern and comprehensive portfolio of solutions that handles the biggest challenges across advertising and marketing faced by the CMO. The newly acquired company will soon declare a new brand identity and name.
According to reliable sources, after the closing, Mark Simpson will lead the new company as CEO along with other main IBM executives. Mr. Simpson is currently serving as VP, Offering Management and Strategy for the IBM Marketing Platform and Commerce offerings.
Sources close to the matter reported that Centerbridge is planning to set up a board of directors for the new company that will consist of independent members having extensive marketing and software experience.
Centerbridge’s standalone company will be positioned to lead the next-generation of marketing and commerce software solutions by investing in AI, providing marketers with tools for user privacy protection and growing the market ecosystem.
Sources close to the matter reported Mr. Simpson to say that this new chapter will allow Centerbridge to modernize the portfolio by building on the steps taken over the last few years. He added that after the closure of the transaction, it will assist the firm to speed up its efforts for empowering clients to make smart and appropriate decisions in their marketing and advertising initiatives.
Inhi Cho Suh, General Manager, IBM was reported to say that IBM will be working along with Centerbridge on AI and cloud to assist its customers to transform themselves in this new era of technology.
Financial terms and conditions of the transaction was not revealed.