Acxiom has agreed to a $2.3 billion cash deal to sell its Acxiom Marketing Solutions business unit to Interpublic Group, also known as IPG.
Officials anticipate the deal will close by the end of the year.
Once it does, Acxiom plans to transfer the Acxiom brand name and associated trademarks to IPG, an organization of ad agencies and marketing services providers.
Acxiom will rename itself LiveRamp. Acxiom expects to receive net cash proceeds (after taxes and fees) of $1.7 billion once the deal closes.
“This transaction is a great outcome for both Acxiom and our AMS business unit,” Acxiom chief executive Scott Howe said in a news release. “Acxiom Marketing Solutions is a strong business with deep expertise in data-driven marketing, talented associates and an exceptional client roster.
“After careful consideration of a variety of options and potential partners, it became clear that a sale of AMS to IPG, with its vast scale and breadth of complementary services, represented the best possible path forward for our clients and associates,” he said.
Acxiom chief financial officer Warren Jenson said: “The successful completion of this transaction represents yet another milestone in the company’s transformation. This deal returns significant capital to shareholders, and at the same time, allows us to invest in LiveRamp’s industry-leading capabilities, technology and market opportunities.”
Acxiom automotive industry strategist and principal consultant Michael Perugi is among the presenters at the inaugural Automotive Intelligence Summit coming July 24-26 to Raleigh, N.C.
Perugi’s presentation, “Connected Services: The Point at Which Automotive, Financial Services & Insurance Intersect,” delves into the results of a joint large-scale study by Acxiom and J.D. Power & Associates evaluating consumer attitudes on connected-vehicle services, data sharing, autonomous vehicles, and ride- and car-sharing programs.