Tibco Software, a Palo Alto developer of “cloud computing” infrastructure technology, has acquired Loyalty Lab for about $23 million in cash, the companies announced Wednesday.
Loyalty Lab is a San Francisco startup that provides online customer relationship management software. According to the company’s website, Loyalty’s platform helps customers including Virgin America airline, 1-800-Flowers, Nvidia and Nine West manage their loyalty programs.
“Tibco’s current clients include some of the world’s largest retailers, airlines and financial services organizations — a perfect complement to our client base and worldwide aspirations,” Loyalty Lab CEO Matt Howland and founder and Chairman Mark Goldstein wrote in a letter to “friends, clients and partners.”
In a news release, Ram Menon, Tibco’s executive vice president for worldwide marketing, described Loyalty Lab’s product as “a 21st-century solution for building company loyalty” that his company will pitch to such businesses as banks, telecommunications providers and retailers.
Loyalty Lab’s investors include OpenView Venture Partners, Mobius Venture Capital, Outlook Ventures and Canaan Partners, according to the startup’s website. It has received about $11 million in funding, according to TechCrunch.
Tibco stock finished regular trading at $20.83, down 3 cents, or 0.1 percent, from Tuesday’s closing price.
Contact Frank Russell at 408-920-5876. Follow him at Twitter.com/mercspike.