Medallia Inc has agreed to acquire Pittsburgh-based Voci Technologies, a real-time speech to text platform. The purchase price is about $59 million. Voci’s backers include Grotech Ventures and Harbert Growth Partners.
SAN FRANCISCO, Calif., – April 22, 2020 – Medallia, Inc. (NYSE: MDLA), the global leader in experience management today announced they entered into a definitive agreement to acquire Voci Technologies, the real-time speech to text platform.
The acquisition will combine Voci’s leading real-time speech to text capabilities with Medallia’s powerful experience management platform to deliver a rich, single view of the customer that can power exceptional customer experience and deliver significant gains in operational efficiency.
Companies engage with customers by phone more than any other channel and these interactions are a gold mine of untapped insights. Voci’s innovative technology analyzes these signals in real time, and its AI and deep learning capabilities enable contact centers to gain actionable insights from 100% of customer calls.
Voci’s artificial intelligence (AI) and deep learning capabilities, backed by expert speech scientists, generate sophisticated language models for accurate transcription of calls into highly accurate insights — such as emotion, gender, sentiment, and voice biometric identity. This powerful comprehension of a customer’s intended meaning enables contact centers to operate at elevated levels of impact.
Voci’s real-time platform currently serves some of the world’s biggest brands and is playing a significant role in optimizing remote contact center operations during the current surge in traffic and providing them with the fastest, most accurate call transcriptions and unmatched insights.
“Voci transcribes 100% of live and recorded calls into text that can be analyzed quickly to determine customer satisfaction, adding a powerful set of signals to the Medallia Experience Cloud,” said Leslie Stretch, president and CEO of Medallia. “At the same time, Voci enables call analysis moments after each interaction has completed, optimizing every aspect of call center operations securely. Especially important as virtual and remote contact center operations take shape.”
“Our whole company is delighted to be joining forces with experience management leader Medallia. We are thrilled that Voci’s powerful speech to text capabilities will become part of Medallia Experience Cloud,” said Mike Coney, CEO of Voci. “The consolidation of all contact center signals with video, survey and other critical feedback is a game changer for the industry.”
Voci’s platform is enterprise ready, operates at scale and has processed over 2 billion minutes of speech using its Deep AI and machine learning capabilities. It helps organizations stay in compliance and uses redaction methods to protect sensitive PII, PCI, and PHI on behalf of its partners and their customers.
Under the terms of the agreement, Medallia will acquire Voci for approximately $59 million in cash. The acquisition is expected to close in May 2020, subject to customary closing conditions. The company will use its revolver facility in order to preserve its current cash balance for any future needs.
Medallia (NYSE: MDLA) is the pioneer and market leader in Experience Management. Medallia’s award-winning SaaS platform, the Medallia Experience Cloud, leads the market in the understanding and management of experience for customers, employees and citizens. Medallia captures experience signals created on daily journeys in person, digital and IoT interactions and applies proprietary AI technology to reveal personalized and predictive insights that can drive action with tremendous business results. Using the Medallia Experience Cloud, customers can reduce churn, turn detractors into promoters and buyers, and create in-the-moment cross-sell and up-sell opportunities, providing clear and potent returns on investment. www.medallia.com
About Voci Technologies.
Pittsburgh-based Voci Technologies combines artificial intelligence (AI) and deep learning algorithms to deliver the best-in-class enterprise speech transcription platform. Voci’s innovative technology enables developers to build software solutions that extract actionable intelligence from voice data to improve customer experience, operational efficiency, and compliance requirements. Voci’s open platform gives its customers and partners the freedom to choose the deployment methods and integration solutions that best meet their business needs. To learn more about Voci, visit www.vocitec.com.