Medallia Inc., a global provider of experience management, has agreed to acquire Pittsburgh-based Voci Technologies, the real-time speech to text platform. The transaction should help the San Francisco company deliver better service to its 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. Medallia will use its revolver facility in order to preserve its current cash balance for any future needs.
Voci’s technologies were developed at Carnegie Mellon University. The company uses artificial intelligence and deep learning capabilities, backed by expert speech scientists, to generate sophisticated language models for accurate transcription of calls into highly accurate insights — such as emotion, gender, sentiment and voice biometric identity.
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.
“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,” Voci CEO Mike Coney said, in a statement. “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.