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M&A and Funding News from ActionIQ-InfoSum, Orion, Quinyx, and More

A Look Into Recent Activity on the Acquisitions and Funding Front Also Focuses on UserZoom and Observe.AI

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Three acquisition and partnership deals are highlighted in this M&A update, involving ActionIQ and InfoSum, Orion Advisor Solutions and Redtail Technology, and Quinyx and Concrete. On the funding front, the newsmakers are UserZoom, Thoma Bravo, and Observe.AI. Details follow.

ActionIQ Partners with InfoSum

ActionIQ, the provider of an enterprise customer data platform (CDP) headquartered in New York City, and InfoSum, the London-based provider of a decentralized platform for secure data sharing between organizations, have formed a strategic partnership that will allow enterprise firms to connect and activate second-party data—essentially the first-party data of other companies, including partners and competitors—without having to rely on third-party data or cookies. With third-party cookie deprecation looming, companies that already possess their own first-party customer data may need to access or purchase second-party data to increase the scale of their own data, reach new audiences or prospective customers, and build relationships.

The new partnership provides a joint solution that combines the capabilities of ActionIQ’s CX Hub and InfoSum’s Secure Data Clean Room. CX Hub leverages data to build a 360-degree view of the customer for deploying deeply personalized CX, while Secure Data Clean Room enables companies to collaborate with unlimited data partners in an environment of maximum privacy and security.

The joint solution will enable brands and publishers to create a deeper understanding of their customers and extract insights from enriched first-party and second-party partner data. Equally important, marketing and advertising effectiveness can be measured without cookies or device IDs. The partnership, overall, will deliver end-to-end privacy protection and holistic data governance, enabling companies to safely maintain control over their data.

Orion Advisor Solutions to Acquire Redtail Technology

Orion Advisor Solutions, the Omaha, Nebraska-based provider of wealthtech solutions for fiduciary advisors, has entered into an agreement to acquire Redtail Technology, the maker from Sacramento, California, of web-based customer relationship management (CRM) software serving the wealth management industry. Financial details of the transaction were not disclosed, but the acquisition will further Orion’s mission to connect every stage of the advisor-client journey in a cohesive, tech-driven experience.

By adding Redtail’s highly regarded CRM software to the open architecture platform of Orion and its portfolio of accounting and advisor technology, the resulting combination can connect the advisor-client journey via an end-to-end integrated platform built around a CRM hub. “This acquisition presents a game-changing opportunity for growth-focused independent advisors, as it will make our robust tech stack ecosystem even more valuable,” says Eric Clarke, founder and CEO of Orion.

The transaction is expected to close in 2Q 2022, after which Redtail will become a brand entity of Orion. The combined technology platform experience is expected to come to market quickly following completion of the deal as deep integrations are already in place, with both companies to continue supporting their existing technology integrations for clients.

Sweden’s Quinyx Completes Acquisition of Concrete

Quinyx, the Swedish provider of workforce management solutions, has completed the acquisition of Concrete, the mobile-first employee engagement and task management firm with offices in London and New York City. The acquisition brings together the artificial intelligence (AI)-powered workforce management software of Quinyx and the capabilities of the Concrete platform to digitally connect frontline workers, field managers, and headquarters staff.

“Quinyx and Concrete are on a mission to solve two of today’s most pressing retail issues; staff retention and customer expectations,” says Tristan Rogers, CEO of Concrete. “The coming together of our technologies is a natural step, and the synergies between workforce management, task management, store operations, and field communications are significant.”

Erik Fjellborg, founder and CEO of Quinyx, says he is excited to see how customers will harness the power to be obtained from the joint offerings of the two companies. “This acquisition will power up our product offering. We are bringing an unmatched AI-powered workforce and task management solution to the market, giving organizations hiring frontline workers dramatic improvements across their operations,” Fjellborg remarks. Under the new arrangement, Concrete will remain its own entity within Quinyx, and both brands will be under the Quinyx umbrella, formalizing the already close and years-long collaboration of the two partners.

UserZoom Closes Growth Investment from Thoma Bravo

UserZoom, the San Jose, California-based provider of a platform that brands can use to test and measure the user experience (UX) on websites, has closed its strategic growth investment from Thoma Bravo, the growth capital firm from San Francisco that manages more than $70 billion in private equity funds. The investment, estimated at approximately $800 million, will be used to accelerate innovation and growth of the proprietary insights system of UserZoom, whose founders and management, along with current investor Sunstone Partners, will remain significant shareholders.  

Since its founding in 2007, UserZoom has brought UX research out of the laboratory, amalgamating mixed-method research capabilities, UX consultancy, a participant recruitment engine, and the measurement and reporting tools necessary to demonstrate business impact. The investment from Thoma Bravo will enable more customers to be infused into the product and design experiences shaping their companies, allowing end users to remain at the forefront of digital innovation.

Alfonso de la Nuez, co-CEO and co-Founder of UserZoom, says the investment represents a significant milestone in the company’s journey to become a valued brand in UX insights. “This partnership gives us the resources to serve our customers with the rapid insights they need, without sacrificing quality, throughout the entire product development lifecycle,” de la Nuez notes. “With Thoma Bravo’s support, we will continue innovating to solve the increasing demand for strategic design investments and build exceptional digital products that drive measurable ROI.”

Observe.AI Raises $125 Million

Observe.AI, the San Francisco-based provider of a workforce platform that deploys AI for contact centers, has raised $125 million in Series C funding, bringing its total funding to date to $213 million. The current financing round was led by Japan’s SoftBank Vision Fund 2, with participation from video-conferencing platform provider Zoom Video Communications at the head of a long list of other venture capital (VC) investors.

The new investment will spur development of the next generation of product innovations at the company, including harmonizing real time with post-interaction agent coaching. Observe.AI will also use the fresh capital infusion to expand into international markets and accelerate the firm’s readiness for an initial public offering (IPO). The funding comes at a critical juncture overall for the contact center industry given the field’s all-time-high levels in consumer expectations and technology investments, but with brands still struggling to improve CX and business outcomes.

The Series C close builds on a string of successes for Observe.AI. Last year, the company posted record revenue growth of 300%, followed by an announcement earlier in March showing more gains, including a 150% increase in annual recurring revenue, year-on-year growth of 125% in its customer base, and a 40% rise in the company’s enterprise customer numbers.

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