The funding amount for the transaction, which is part cash and part stock deal, was not disclosed
Cloud telephony firm Exotel said it has acquired Cogno AI, an artificial intelligence-powered omnichannel cloud communication platform. The acquisition will add conversational AI and co-browsing capabilities to its product suite and bring it one step closer to being an AI-powered customer engagement platform.
The funding amount for the transaction, which is part cash and part stock deal, was not disclosed.
Congo AI is a conversational AI platform with an omnichannel chatbot, live chat, and co-browse capabilities. It provides customer engagement solutions for enterprises including monitoring customer sentiments, seamless onboarding of new customers, zero contact resolution for existing customers, and various digital sales and support use cases.
Congo AI is currently the market leader in banking, financial services, and insurance (BFSI) with over 60 large enterprise customers including the State Bank group, HDFC group, ICICI group, Kotak group, Aditya Birla group, and many more.
In September 2021, Exotel announced a $35 million Series C funding, and over the last 12 months, the company has raised $55 million through debt and equity funding. Exotel and contact center software provider Ameyo recently announced their merger and now with Cogno AI, the organization is currently growing 70 per cent YoY and is at an ARR of $50 million with a target to hit an annual run rate of $200 million over the next three years.
Exotel has been strengthening its offerings with Ameyo and now Cogno AI to offer a bouquet of customer engagement solutions all delivered seamlessly through the cloud. This first-of-a-kind offering in emerging markets allows enterprises to engage with customers across channels, processes, and devices to enhance omnichannel journeys.
“Distributed workforce, adoption of digital channels, and conversational AI are clear trends in the customer engagement space. With the acquisition of Cognos AI, Exotel brings conversational AI capabilities to its contact center offering,” said Shivku, Co-founder and CEO of Exotel. “Exotel and Ameyo together serve the largest brands in emerging geographies. This acquisition puts Exotel ahead of the market by offering an AI-powered Customer Engagement Platform on the cloud to its customers”
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