Centerbridge to buy IBM's marketing platform and commerce software offerings
Centerbridge Partners and IBM announced an agreement under which funds advised by affiliates of Centerbridge will acquire IBM's marketing platform and commerce software offerings. 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 after close. 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. Financial terms and conditions of the transaction were not disclosed.