Centerbridge Partners has acquired IBM’s marketing platform and commerce software to form a standalone martech company.

The private equity company intends to build upon the platform and software to create a range of solutions aimed at CMOs and their challenges, when the deal is scheduled to complete in mid-2019. The platform will be given a new name and a new brand closer to launch.

The technology – currently called Watson Commerce and Watson Marketing under IBM – includes campaign automation, content hub, customer experience analytics, intelligent bidder, marketing assistant, media optimiser, payments gateway, personalised search, price and promotion optimisation, real-time personalisation, and universal behaviour exchange.

Centerbridge has said it will be further

investing in AI

to grow the marketing ecosystem and give marketers tools to protect user privacy.

Mark Simpson, current VP of offering management and strategy for Watson Commerce and Watson Marketing, will be the new brand’s CEO. The technology’s headquarters will now also be moved to New York City.

Simpson said: “Once closed, this transaction will help us accelerate our efforts to empower our clients to make smarter, more timely decisions in their marketing and advertising initiatives. We look forward to working with Centerbridge’s world-class team to ensure a smooth transition and position the business to drive the next generation of marketing clouds.”

Jared Hendricks, senior managing director at Centerbridge, said IBM was a demonstrated leader in offering AI-powered marketing solutions in an ever-evolving industry. “We are deeply committed to advancing these compelling products through continued investment and intend to accelerate existing product roadmaps and introduce new categories,” he said.