US supermarket chain Kroger has completed the sale of its digital coupon and digital rebate publishing platform YouTech to US technology company Inmar for a total consideration of $565m.
YouTech is a cloud-based retail platform that connects online engagement with in-store purchases and product manufacturers.
The deal, announced in December last year, covers the sale of You Technology to Inmar and a long-term services agreement to offer digital management services to the Kroger family of stores. Inmar and YouTech will work collaboratively to offer new products to cater to the needs of consumer packaged goods (CPGs) and retailers.
The transaction also includes $400m of cash consideration to be received upon closing. Kroger says it plans to reduce its debt using with the after-tax cash proceeds from the transaction.
Kroger chief digital officer Yael Cosset said: “We look forward to our new strategic relationship with Inmar, which will bring Kroger’s unique assets and personalisation expertise together with Inmar’s technology solutions to drive more innovation and value for Kroger customers and CPG partners.
“We’d like to thank the team at YouTech for all of their contributions to our customers and to Kroger.”
YouTech CEO Cheryl Black will be appointed to Inmar’s executive management team as its retail solutions vice president and general manager, as part of the deal.
Inmar chair and CEO David Mounts said: “We are excited to have Cheryl join our team and look forward to having her customer focus, retail expertise and entrepreneurial spirit leading product strategy for retail.”