Clarabridge Acquires Market Metrix
April 8, 2014 00:00 AM
Reston, VA – April 8, 2014 – Clarabridge, Inc., the leading provider of intelligent Customer Experience Management (CEM) solutions for the world’s top brands, today announced the acquisition of Market Metrix, the leading Enterprise Feedback Management (EFM) platform in the leisure and hospitality industries. Market Metrix will complement and extend Clarabridge’s analytics and measurement-focused CEM offerings with the addition of a robust, results-oriented feedback management platform. The combined CEM solution enables organizations to better listen to, analyze and act on customer feedback across all channels and throughout the enterprise, at the executive, analyst and operational levels.
“Customer Experience Management is becoming mission critical to many enterprises. A common vision that emerged from our engagement with thousands of organizations is the market’s need for an end-to-end solution that integrates customer feedback from all sources, apply advanced text and sentiment analytics to identify themes and drivers of customer satisfaction, as well as surface critical operational issues, and coordinate engagement activities that ultimately help companies drive customer loyalty and profitability,” said Sid Banerjee, CEO of Clarabridge. “The merger between Clarabridge and Market Metrix enables us to bring this vision to reality, as the currently fragmented CEM market starts its convergence toward a complete solution suite.”
“It’s important that CEM solutions put feedback to work across the enterprise, powering strategic decision making as well as operational excellence with every customer interaction,” said Lenny Nash, CEO of Market Metrix. “These two companies could not be more complementary. The combined offerings will equip enterprises with everything they need to put the voice of the customer to work.”
Founded in 2006, Clarabridge has built the market leading CEM solution powered by sentiment and text analytics for Global 1000 organizations including Dell, Fidelity, Wendy’s International, United Airlines, Best Buy, PetSmart, QVC, Inc., and many more. In September 2013, Clarabridge announced the completion of an $80 million equity investment by new investors General Catalyst Partners, Summit Partners, and Unica-founder Yuchun Lee, in order to continue to innovate, grow the worldwide customer base and capitalize on the projected $6.61 billion CEM market opportunity expected by 2017. This acquisition builds on a record quarter, with the company experiencing 60 percent YOY growth in comparison to 2013.
Based in Larkspur, California, Market Metrix brings with it long-standing business relationships with leading global hospitality companies, including Wynn Resorts, Langham Hospitality Group and the Red Roof Inn. Market Metrix will continue to serve its customers with its existing products and services while Clarabridge will bring its leadership, innovation and commitment to successful partnerships. Existing Market Metrix and Clarabridge customers will be able to gather intelligence beyond the source of a problem to the real financial impact of a problem – all managed with a scientific approach to gathering data and Clarabridge’s unmatched innovation and analytic tools to decipher and act upon it.
Clarabridge will continue to develop strong relationships with partners and continue to strengthen existing integration APIs and connectors, while providing an offering for customers who need a fully integrated solution.
“We look forward to continuing our collaboration with our many global partners on both existing and new opportunities,” said Banerjee. “As the leading provider of multi-channel CEM hubs, we will continue to seek and connect with all listening channels from all providers, and actively cultivate relationships that provide synergy with our partners and maximum flexibility and value for our customers.”
“Clarabridge’s leadership in the CEM space has been driven by superior technology and customer success based on measureable results,” said Yuchun Lee, Clarabridge Chairman of the Board. “Expanding Clarabridge’s already strong offerings with Market Metrix’s leading customer satisfaction solutions will increase the reach and accessibility of CEM to businesses of all sizes worldwide and drive further growth and synergy across the CEM market.”
Clarabridge is the leading provider of intelligent Customer Experience Management (CEM) solutions for the world’s top brands. As the premier provider of CEM, Clarabridge enables Global 1000 businesses to intelligently listen to, analyze, operationalize, and measure multi-source customer feedback through intelligent sentiment and text analytics. Insights extracted through Clarabridge enable organizations to create a universal understanding of their customers, partners, and employees; make actionable business decisions with measurable ROI; and collaborate on those decisions both internally with stakeholders and externally with customers. With hundreds of CEM implementations, Clarabridge is the seventh-fastest growing software company, powering the CEM programs for companies such as B/E Aerospace, Best Buy, Choice Hotels, Dell, Expedia, E.ON, Fidelity, Government of British Columbia, Intuit, J.D. Power, L’Oréal USA, PetSmart, QVC Inc., Sage North America, United Airlines, Walgreens, and Wendy’s International. Clarabridge is privately held with offices in Reston, VA, San Francisco, CA, Miami, FL, and London, UK. For more information, visit www.clarabridge.com.