At the beginning of last week, the Cxense board announced a recommendation to accept a cash offer from Piano Software, Inc. to acquire all of the shares of Cxense. Should this offer be accepted by Cxense shareholders, the merged company will bring a new offering to the market that combines the technology and expertise of two industry-leading businesses and will give publishers the ability to personalize their customer journeys better than ever before.
Both Piano and Cxense have clear visions for further growth and provide cutting edge solutions. Therefore, the merger will significantly accelerate scale and growth, instantly creating a company with more than 300 clients around the globe. The combined company will have an unbeatable product portfolio that includes subscription management, subscription and customer journey optimization, personalized emails with a built-in ESP, AI-powered user and content analytics, and data management (DMP). As a result of this, publishers will have access to an unrivaled end-to-end solution. In addition, the two businesses offer complementary product capabilities, geographical footprint, and know-how. Building on the strengths of both, the combined entity will be a global powerhouse poised to have a significant impact on the publishing industry and beyond.
Piano positions itself as “the digital business platform, used by the world’s leading media and content companies to drive engagement, loyalty, and revenue”. It has 135 mostly US-based clients, and an impressive customer retention rate. Its products mainly comprise subscription management, billing, identity, and email, and just like us, it invests heavily into the customer journey and subscription optimization, reflecting the importance that Cxense places on personalized customer experience.
Over the next few weeks, we will be working towards the completion of the deal. This will be the case when 90% of the shareholders have accepted the offer. When the bid was announced last week, Cxense shareholders representing 53.6% of the total share capital had already pre-accepted Piano’s offer to buy their shares, including Cxense’s five largest shareholders. We are now in the process of seeking acceptance from the remaining shareholders and will keep all stakeholders informed about the progress.
With the publishing industry facing a myriad of challenges globally, we’re excited at the prospect of being able to offer a unique suite of products that will help our publisher partners future-proof their businesses.
Update: On 17 September 2019, Piano had received acceptances of the offer for a total of 20,275,321 of the 21,946,519 shares in Cxense, equal to 92.39% of the outstanding shares.