Dash Research has been interviewing industry leaders in the customer insights and feedback space, and many report that the Latin America market is showing promise, with increasing adoption driven by a desire to provide closed-loop feedback. According to the upcoming Dash Research report, Customer Insights & Feedback, the Latin American market for customer insights & feedback software and services is expected to grow from $267 million in 2019 to $337 million in 2026 for a 3.5% compound annual growth rate (CAGR).

Customer experience and employee experience leader Medallia is also optimistic about CX market growth in Latin America, demonstrated by its acquisition of CXTeam, a CX consulting firm that has headquarters in Mexico and a customer base throughout Latin America. “We have seen firsthand the incredible impact Medallia and customer experience can have on driving loyalty and directly impacting companies’ bottom lines,” says Jesús Casas, CXTeam co-founder and partner. “Organizations throughout Latin America are rapidly adopting new strategies focused on their customers, and we are excited to help accelerate those efforts.”

Mexico City-based CXTeam was founded in 2013. The company has been a partner of Medallia for a long time, with CXTeam overseeing hundreds of Medallia implementations in the Americas. CXTeam focuses on:

• CX training
• Strategy design
• Native language services & implementation
• Business consulting services

The CXTeam acquisition deepens Medallia’s commitment to this geographic segment, and will hasten the progress the company has already been making. Medallia has had success in the Latin American market with previous customer announcements including Office Depot Mexico, Walmart Mexico, and Banorte.

This is Medallia’s second acquisition announcement this year, with its signing of a definitive agreement to purchase Thunderhead being revealed in January 2022.