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Adding more strings to a bow that has been vastly enriched by success in collaboration and communications, and aiming to offer elevated customer service experiences to a global enterprise base and work quickly to capitalise on new opportunities in contact centre and customer support, Zoom Video Communications has entered into a definitive agreement to acquire Solvvy.
Solvvy describes itself as the leading conversational artificial intelligence (AI) platform for customer support, enabling rapid and personalised resolutions for customers, improving agent productivity and uncovering business insights to empower leaders and their teams. Its intelligent chatbot and automations are said to have powered more than a billion conversations for top brands such as HelloFresh, Vimeo, Under Armour, Stash and Zwift, improving customer and agent experiences and driving what the company claims as massive operational savings.
A month ago, Zoom unveiled a range of innovations for its core platform, with the aim of modernising how businesses engage with customers, launching a conversation intelligence service and enhancing online events.
The enhancements were also designed to help businesses improve customer and employee experiences for the new work anywhere hybrid workforce, aiming to offer actionable insights for navigating the transformation and future of work. Leading the slate was Zoom IQ for Sales, a conversation intelligence service for sales professionals, as well as Zoom Events and Webinar functionalities such as Backstage and Webinar session branding. The offerings are designed to put engagement at the centre of the experience and transform the way users work, connect and collaborate.
The deal is expected to close in Q2 FY2023. Even though the transaction terms have not been disclosed, Zoom said that by adding Solvvy’s proprietary technology it will broaden Zoom Contact Center’s offering with scalable self-service and conversational AI. With Solvvy, Zoom believes its contact centre customers will benefit from an automated, integrated and easy-to-deploy contact centre that helps answer end-customers’ questions and solve issues faster; improves the overall customer experience; and drives operational savings.
“The nature of customer experience is transforming fundamentally, as enterprises increasingly need to deliver exceptional, personalised and effortless customer experiences,” said Zoom president of product and engineering Velchamy Sankarlingam. “Solvvy understands this shift and is the ideal platform to enhance our Zoom Contact Center offering.
“Solvvy’s differentiated AI and machine learning technology, deeply talented team and an easy-to-deploy solution will help accelerate our roadmap to creating a concierge-level experience for customers worldwide. Together, we are excited to help businesses of all sizes improve their customer retention, increase operating efficiency and set new standards for customer service and satisfaction.”
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- Collaboration specialist is working to a plan that will see revenues through partners increase significantly over the next few years.
- Zoom will look to stand out in a competitive market by improving hybrid meetings. The company hopes upcoming features will bridge the divide between remote and in-person attendees.
- Zoom has entered the contact centre-as-a-service market. The company’s product offers video calling as companies seek a more visual interaction with customers.
Following the close of the transaction, Zoom will incorporate and expand Solvvy’s capabilities across its Zoom Contact Center platform. Solvvy CEO Mahesh Ram and chief technology officer Justin Betteridge will be tasked with driving a combined advanced conversational AI and automation product vision with innovation strategy.
“Zoom is poised to redefine the contact centre category with its unique combination of unified communication and customer experience,” said Ram. “We could not be more excited to join forces and further scale our unique conversational AI offering.
“Zoom’s Contact Center brings the same level of scalability, simplicity and respect for the end-user, making Zoom the premier communications platform for businesses worldwide.
“When combined with our modern tech stack, talented team and AI expertise, we believe we can fundamentally transform the customer experience. The benefits of Zoom’s deep technical expertise, industry-leading platform and global reach will further scale the impact we have on our customers – and serve new ones.”
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