Acxiom shareholders have approved the sale of the group's Marketing Solutions business (AMS) to Interpublic Group (IPG). The transaction is expected to close on or about October 1st. The remaining division is LiveRamp, which becomes the new name of the whole company.
The sale to marcoms giant IPG was announced in July, with a $2.3 billion price tag. Acxiom acquired customer data 'onboarding' specialist LiveRamp in May 2014 for around $310m in cash, and it quickly became viewed as key to the wider group's future: by February this year Acxiom was ready to recognise this by splitting its portfolio into two business units, LiveRamp and AMS. With the latest sale, the transformation is complete, and the company's stock exchange listing will be transferred from NASDAQ to the New York Stock Exchange (NYSE) effective October 2nd. The new LiveRamp Holdings, Inc. will take the ticker symbol 'RAMP'.
CEO Scott Howe comments: 'We would like to thank our shareholders. The completion of this transaction marks an inflection point in the transformation of our Company. On October 2nd, LiveRamp will effectively emerge as a highly successful SaaS IPO. LiveRamp's customer value proposition, financial strength and commitment to neutrality create a wonderful opportunity for the industry and our shareholders'. Adds CFO Warren Jenson: 'LiveRamp is a global brand, and the NYSE provides the ideal platform for our continued growth and expansion'.
Web sites: www.liveramp.com and www.acxiom.com .
All articles 2006-22 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.