- By Alex Gaw
- November 18, 2021
Exotel, a provider of cloud-based telephony services in India, has acquired fellow Indian communications platform and artificial intelligence (AI) chatbot developer Cogno AI, in a cash-and-stock deal aimed at expanding the growing company’s customer engagement services.
Financial terms of the transaction were not disclosed, but the new deal marks the second acquisition for Exotel following the buyout in June of Ameyo, a contact center solution provider from Northern India. Then, in September, Exotel brought in fresh capital by raising $35 million in a Series C funding round, bringing its total new investment to $55 million.
With the purchase of Cogno AI, Exotel is adding conversational AI capabilities to its telephony product suite, which the company says powers 25 million calls daily for more than 6,000 firms spread across India, Southeast Asia, and the Middle East & Africa. The conversational AI features in the Cogno AI platform include an omnichannel chatbot, live chat, co-browsing with video calling, and ticketing software.
The combined offering will be the first of its kind in the emerging market, Exotel executives say, allowing enterprises to engage with customers across channels, processes, and devices to enhance omnichannel journeys.
“Distributed workforce, adoption of digital channels, and conversational AI are clear trends in the customer engagement space,” said Shivakumar (Shivku) Ganesan, CEO and co-founder of Exotel. “This acquisition puts Exotel ahead of the market by offering an AI-powered customer engagement platform on the cloud to its customers.”
The merged entity uniting the three companies is expected to generate $50 million in annual recurring revenue (ARR)—the business metric calculating revenue that can be expected through yearly subscriptions—with the goal of hitting $200 million within the next three years, according to the Exotel press release.
150 Key Players and Industry Participants Providing Offerings in Customer Data & Analytics, Customer Relationship Management, Contact Center, Personalization & Optimization, Customer Insights & Feedback, and Employee Experience
Customer Data & Analytics, Customer Relationship Management, Contact Center, Personalization & Optimization, Customer Data Platforms, Employee Experience, and Customer Insights & Feedback: Market Analysis and Forecasts
Market Drivers and Barriers, Market Sizing and Forecasts, and Case Studies Focused on the Adoption of Personalization & Optimization Within CX Platforms and Applications
Case Studies, Market Drivers, Market Barriers, and Best Practices for the Adoption of AI Within CX Platforms and Applications
- By Alex Gaw January 14, 2022
LaneTerralever, the digital marketing and branding agency, is acquiring content marketing firm Convince & Convert, with both joining forces to offer a comprehensive suite of CX services under a new umbrella collective to be called Experience…Read More
- By Alex Gaw January 13, 2022
Just a few days into 2022, at least three significant CX-related funding rounds and developments have taken place. The recipients of additional capital include Exotel from India, Oregon-based AskNicely, and Quantum Workplace from…Read More
- By Alex Gaw January 7, 2022
Activist investor Jana Partners is putting pressure on CX software solutions provider Zendesk to call off its proposed acquisition of Momentive Global, the company formerly known as SurveyMonkey, objecting vociferously to a deal that it said…Read More
- By Alex Gaw January 3, 2022
Clarivate, the London-based information services and analytics company, has acquired Patient Connect, a fellow UK-based firm and international provider of patient engagement solutions, in a union that will help life science companies understand…Read More