Kibo has sold its personalization business to Centre Lane Partners, a private investment firm that focuses on growing middle-market companies. The new standalone personalization solution provider will be branded Monetate.
The transaction aims to help Kibo pursue a horizontal growth strategy in verticals outside of retail, including financial services, travel and hospitality and telecommunications, as well as to further expand its global footprint. It also will enable Kibo to focus its investments on its core ecommerce and order management products.
Kibo and Monetate will continue to partner closely to ensure that joint clients can realize the full value of both companies’ products. Brian Wilson, the current COO of Kibo, will lead Monetate as its CEO.
“We are extremely excited to partner with Centre Lane on this next chapter of our journey as a leader in personalization,” said Wilson in a statement. “With the power of product recommendations, 1×1 personalization, personalized search and A/B testing in a single unified personalization platform combined with the relaunch of the Monetate brand, we are well positioned to pursue our go-forward growth strategy that will build upon our strong retail footprint while continuing to expand into other markets.”