- Medallia, Inc. (NYSE: MDLA), a global leader in experience management, announced it entered into a definitive agreement to buy real-time speech to text platform Voci Technologies
Medallia, Inc. (NYSE: MDLA), a global leader in experience management, announced it entered into a definitive agreement to buy real-time speech to text platform Voci Technologies for approximately $59 million in cash. This acquisition will combine Voci’s leading real-time speech to text capabilities with Medallia’s powerful experience management platform to deliver a rich and single view of the customer that can power exceptional customer experience and deliver significant gains in operational efficiencies.
Customers are engaging with companies by phone more than any other channel. And these interactions have tremendous insights that can be tapped. Voci’s 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 like 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 is currently serving 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 and most accurate call transcriptions and insights.
And 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. Plus 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.
The acquisition is expected to close in May 2020 subject to customary closing conditions. And the company will use its revolver facility in order to preserve its current cash balance for any future needs.
“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. 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.”
Medallia president and CEO Leslie Stretch
“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. The consolidation of all contact center signals with video, survey and other critical feedback is a game-changer for the industry.”
-Voci CEO Mike Coney