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NICE Buys VOC Software Firm Fizzback
UK-based real-time voice of the customer software specialist Fizzback has been bought by NICE, provider of cross-channel analytics-based solutions - for $80 million in cash. The deal is expected to close next month.
Fizzback was founded in 2004, is headquartered in the UK and backed by Advent Venture Partners, Nauta Capital and TAG. Its software sends consumers requests for feedback relating to a specific interaction or transaction via mobile, web or social media, then analyses the feedback and generates its own response to that, beginning an automated real-time dialogue. The company claims this achieves 'up to 50% response rates, well above industry norms at under 10%'.
Zeevi Bregman, President and CEO of NICE says the buy will expand the scope of his firm's capabilities and 'enable customers to more effectively capture, understand and leverage VoC as the foundation to a cross-enterprise CEM strategy.'
Mike Chalfen, of private equity investor Advent Tech, says his firm has made six times its money from investment in Fizzback, but adds that Fizzback's founder and team 'feel that the combination with NICE is the best way to realise the company's vision, by giving access to global distribution and an enhanced, integrated product offering.'
The firms say the combination of Fizzback and NICE will both improve CEM and 'operationalize VoC both for the contact center and across the enterprise', improving quality management and key efficiency metrics.
The acquisition is expected to add around $20 million to NICE's non-GAAP revenues in 2012.
Web sites: www.nice.com and www.fizzback.com .
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