Silicon Valley customer experience management specialist Medallia has agreed to pay around $26m in cash to acquire video feedback platform LivingLens, which it says will help it 'bring the voice of the customer and employee to life'.
Medallia made a successful debut on the New York Stock Exchange, raising $326m from its IPO and then opening at a 62% premium for investors. The firm captures data from in-person, digital and IoT interactions and applies proprietary AI technology to reveal personalized and predictive insights, for use in reducing churn, encouraging good feedback and for cross-selling and up-selling opportunities.
LivingLens, founded in 2014 in Liverpool and with offices in London, New York and Toronto, captures video on a daily basis and analyses speech and sentiment to offer clients insight into the feelings and needs of their customers and employees. The software identifies key themes to help users navigate to meaningful content quickly.
The acquisition is expected to close this month, subject to customary conditions.
LivingLens CEO Carl Wong comments: 'Video feedback is one of the most powerful innovations in experience management today, [bringing] six times more feedback signals than text responses... We are thrilled to become part of the Medallia family and provide our customers with the world-class customer insights they need to transform their businesses'.
Leslie Stretch (pictured), President and CEO of Medallia says the buy 'will give our customers in all industries the ability to leverage video feedback alongside social, voice, app and web in Medallia's leading experience management solution'.
Web site: www.medallia.com and www.livinglens.tv .
All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.