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$20 Million Result Bodes Well for ForeSee
Ann Arbor, Michigan-based ForeSee Results has secured $20 million in financing, to accelerate its growth as a provider of online customer satisfaction measurement.
The financing was led by Updata Partners with Investor Growth Capital as co-lead. Ann Arbor firm CFI Group is already an investor.
ForeSee Results uses the methodology of the University of Michigan's American Customer Satisfaction Index (ACSI) to help companies improve online customer satisfaction in a way that positively impacts revenues and profitability. ForeSee Results has collected more than 18 million online customer satisfaction surveys since their inception five years ago, and currently serve more than 350,000 surveys a day for clients in the retail, financial services, healthcare, technology, BtoB, and government sectors.
Larry Freed, President and CEO of ForeSee Results, says the timing 'couldn't be better'. 'We've doubled our revenues and increased our staff by more than 50% over the last two years.' Freed says each of the two investors brings value to ForeSee 'including great depth of experience in the internet technology space, international influence, long term credibility and a vast network of professional relationships we hope to leverage.'
Noah Walley, MD at Investor Growth Capital, says his company has been 'increasingly impressed by the strength and uniqueness of [ForeSee's] offering; their history of consistent, capital-efficient growth; and the knowledge and commitment of their team. We believe that web site operators across all industries are increasingly looking beyond the 'what' to understand the 'why' behind customer and visitor behavior, and that Foresee Results is uniquely well-positioned to help them answer this critical question.'
Updata General Partner Barry Goldsmith says Foresee's 'robust, on-demand business model will continue to generate loyalty among their fast-growing client base' and anticipates 'significant growth'.
ForeSee Results uses the methodology of the University of Michigan's American Customer Satisfaction Index (ACSI) to convert satisfaction data into user-driven web development strategies. A privately held company, it is on the web at www.foreseeresults.com .
The investors' web sites are at www.updatapartners.com and www.investorgrowthcapital.com .
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