Customer experience management company Medallia, Inc. has announced that it has reached an agreement for the acquisition of real-time speech-to-text company Voci Technologies.
Medallia’s acquisition will allow it to take Voci’s real-time speech-to-text platform that uses artificial intelligence (AI) to gain actionable insights from 100% of customer calls, and combine it with its own experience management offering to create one single view of customers in order to deliver greater gains and operational efficiency for its clients.
Voci’s technology uses AI and deep learning in combination with speech scientists to generate language models for the accurate transcription of calls into insights on factors like the caller’s emotions, gender, sentiment and voice biometric identity.
“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.”
The terms of the acquisition will see Medallia buy Voci for approximately $59 million in cash, with the deal expected to close in May of this year.
April 23, 2020 – by Tony Bitzionis