Vector Capital and Peter McCormick, a co-founder of ExactTarget, have agreed to acquire a majority stake in Experian‘s cross-channel marketing business. No financial terms were disclosed.
LONDON & SAN FRANCISCO–(BUSINESS WIRE)–Experian plc (LSE:EXPN) and Vector Capital (“Vector”) today announced that Vector Capital and ExactTarget Co-Founder Peter McCormick will be acquiring a majority stake in Experian’s Cross-Channel Marketing business (“CCM” or the “Company”). The transaction includes Experian’s suite of cross-channel and email products, including the Experian Marketing Suite, CheetahMail, and Mail Publisher, as well as its full portfolio of professional and strategic services.
“We are thrilled to announce this partnership,” said Alex Beregovsky, Managing Director, Vector Capital. “With this transaction we are creating an independent, global, SaaS platform focused solely on the marketer. We firmly believe that with an unrelenting commitment to product innovation, to delivering award-winning services, and to investing in employee development, we will position the brands we work with for superior marketing results and long-term customer success.”
To help drive the new company forward, ExactTarget Co-Founder, Peter McCormick, will serve as the new company’s Chairman, and will work closely with Matt Seeley, President of Experian Marketing Services’ Cross-Channel Marketing business. “When we founded ExactTarget, we created a unique company culture that underpinned our commitment to establishing market leadership and to serving our customers, and we have found that same approach mirrored in the CCM team,” said McCormick. “We are excited by the opportunity to bring our perspective and expertise to this team, and we are deeply committed to CCM’s customers – the biggest brands in the world – in supporting them in their daily marketing efforts to create winning outcomes for their own brands.”
“We are elated about this transaction and are equally excited to work with Peter and the entire team to take this business forward,” said Seeley. “We believe the Marketing Suite product is uniquely positioned to help marketers use their customer data and insights to drive personalized, contextual marketing experiences. We are also eager to work with this exceptional group to create the best company in marketing technology today and long into the future – one that our employees will proudly embrace and our customers around the world will be proud to partner with.”
“We look forward to sharing our new vision with our customers, and would like to invite all of them to attend and participate in our 2017 ‘Rev ’17 Client Summit,’ on June 7-9th, where we will present this vision in greater detail,” said Seeley.
CCM has offices in 18 countries around the world, with 1,600 employees serving enterprise clients, 55% of which are global organizations.
As part of the transaction, Experian will retain a 25% stake in the business and Brian Cassin, CEO of Experian, will join the new company’s Board of Directors.
The transaction, which is subject to customary closing conditions, is expected to close in the second calendar quarter of 2017.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With $3.4 billion of capital under management, Vector identifies and pursues these investments in both the private and public markets. Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of these businesses and enhance their value for employees, customers, and shareholders. For more information, visit http://www.vectorcapital.com.