The Kroger Co. said March 13 that it closed the sale of its digital coupon and digital rebate publishing unit YOU Technology Brand Services Inc. to North Carolina-based information technology company Inmar Inc. for a total consideration of $565 million.
Kroger plans to use proceeds from the deal, which was announced in December 2018, to reduce its debt, according to the statement.
OMERS Pvt. Equity-owned Inmar will continue to provide digital offer management services to Kroger through a long-term service agreement.
As part of the deal, YouTech's CEO Cheryl Black will join Inmar's executive management team as vice president and general manager for retail solutions.
Kroger bought You Technology in 2014. The unit's cloud-based platform hosts digital offers for redemption at Kroger and other U.S. retailers.