Invoca, a company that specializes in conversation intelligence for revenue teams, has announced its acquisition of DialogTech, an AI-powered call tracking and analytics solution for marketers. With this acquisition, a combined cash and stock deal, Invoca extends its reach into the $4.8 billion conversation intelligence market. The company, which is on track to exceed $100 million in revenue, now has over 2,000 customers, more than 300 employees, and serves consumer brands in considered purchase industries that include ADT, AutoNation, DISH, Mayo Clinic, TELUS, and The Home Depot.
This acquisition comes at a major inflection point for the conversation intelligence category. With brands no longer able to rely on third-party cookie data to drive their marketing campaign strategies, due to recent policy changes from Apple and Google. As call volume is surging due to changes in buying behavior brought on by the pandemic, brands are increasingly relying on robust first-party data from conversations to better understand those consumers and make critical business decisions.
Invoca's acquisition of DialogTech will enable more investment in product innovation, and expertise in key industries. The end result: a broader ecosystem of technology partners, agencies, and digital consulting firms.
"In this digital era, companies are embracing AI to better understand their consumers and changing market dynamics. In industries where consumers are making complex buying decisions–like financial services, health care, and automotive–brands need to embrace the right combination of digital experience and human expertise," said Gregg Johnson, CEO of Invoca, in a press statement. "With the acquisition of DialogTech, Invoca strengthens our AI-powered conversation intelligence platform. Together, we will empower marketing, sales, and eCommerce teams to optimize digital + human buying experiences and accelerate revenue growth." Johnson will remain as the leader of the newly combined company.
DialogTech serves Fortune 500 brands, agencies, and fast-growing companies. With the newly combined customer bases, Invoca serves market leaders across a broad array of industries.
"This move enables us to be an even better partner to enterprises and agencies looking to optimize their marketing and drive sales," said DialogTech CEO, Doug Kofoid in a press statement. "Together as Invoca, our combined company will deliver an unrivaled solution for conversation intelligence, with the most innovative technology, expertise, experience, and resources in our industry."
The acquisition of DialogTech follows Invoca's recent release of Invoca for Sales. This will serve the continued expansion of its solution set to serve revenue teams in contact center sales as well as marketing, customer experience, and eCommerce.
As part of the transaction, DialogTech divested the Swydo operating unit. Swydo will continue to partner as an independent entity with Invoca and DialogTech.