NEW YORK–(BUSINESS WIRE)–Centerbridge Partners, L.P. (“Centerbridge”) today announced that funds advised by Centerbridge completed at the end of June the acquisition of IBM’s marketing platform and commerce software offerings (the “Company”). The Company is now a standalone organization and the largest independent marketing cloud, providing a comprehensive suite of AI-powered solutions that address today’s complex marketing and advertising challenges across verticals.
“The marketing cloud industry is ripe for disruption, and we are in a unique position to better support customers through the power of scaled resources and a start-up mindset,” said Mark Simpson, the Company’s Chief Executive Officer. “Marketers and advertisers are eager to break away from general purpose technology that is not adaptable to their needs. Our open platform and purpose-built solutions have helped marketers make sense of their data by getting deeper insights from technology since the earliest days of AI and using data to drive actionable insights across silos. As an independent company with Centerbridge’s partnership and investment commitment, we will further ignite innovation and enhance our ability to help our customers find new ways to resonate with their stakeholders.”
“The marketing and advertising sectors are hungry for nimble, responsive, user-friendly technology that gives all businesses control and data-driven insights to compete in a fast-evolving marketplace,” said Jared Hendricks, Senior Managing Director at Centerbridge. “The Company has established an open, integrated ecosystem, which encourages collaboration and has the deepest expertise and success in bridging AI with a human touch, and we are confident the Company is poised to lead the next generation of MarTech and AdTech solutions.”
Fortune 500 companies and mid-sized businesses poised for growth turn to the Company to better understand, reach and engage their customers, leveraging the Company’s marketing cloud that seamlessly integrates with other leading services and tools at scale. The independent structure and renewed investment is expected to accelerate innovation and product roadmaps with more focus on the marketer, enabling the Company to further expand its offerings and solidify its leading position as a next-generation, AI-powered marketing software platform.
The Company will announce a fresh name and brand identity in July 2019. The new organization is led by Chief Executive Officer Mark Simpson, previously Vice President of Offering Management and Strategy for IBM’s marketing and commerce platform and the founder of the cloud-based software platform, Maxymiser. The new Company’s experienced executive team has been running the business for years. In addition to Simpson, it includes Tara Thurston – Chief Financial Officer, Brent Whitaker – SVP of Customer Support and Services, Matt Marriott – SVP of Sales, Jay Henderson – SVP of Product Management and Doug Geiger – SVP of Engineering. The Company and Centerbridge have established a board of directors, which includes independent members with deep marketing, advertising and software expertise. The Company is based in New York City.
For more information, please visit ai-poweredmarketing.com.
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 March 31, 2019 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.
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