SaaS platform specialising in conversational AI acquired by leading contact centre software provider
Beringea, the transatlantic venture capital investor, has announced that it has successfully sold its stake in ContactEngine following an acquisition of the business by NICE.
ContactEngine, a SaaS platform specialising in conversational AI, has been acquired by NICE, a leading provider of contact centre software. Following the acquisition, the NASDAQ-listed software company announced the launch of CXone SmartReach, a comprehensive AI-powered solution that enables organizations to have proactive, multi-day, asynchronous conversations.
Beringea first invested in ContactEngine in 2016, co-leading a £2m investment alongside Amadeus Capital Partners, and subsequently participated in two further rounds of funding to support the business as it expanded in the U.K. and internationally.
ContactEngine was founded in 2009 by Mark Smith, Giles Bryan, and Andy Ayers to transform the experience of customer communications through harnessing AI. During its five years as a member of the Beringea portfolio, ContactEngine grew its presence in the U.K. and established a team on the East Coast of the U.S. led by Giles Bryan. Beringea, represented by Stuart Veale on the board of the company, worked closely with the ContactEngine team as it expanded its North American footprint.
Beringea has a growing portfolio of SaaS investments including Zoovu, DeepCrawl, and Social Value Portal. As well as playing an active role on the boards of portfolio companies, Beringea supports SaaS businesses through the Beringea Scale-Up Academy, a programme of events, training, and resources designed to tackle operational and strategic issues such as sales leadership, customer success, and international expansion.
Stuart Veale, Managing Partner of Beringea, commented: “ContactEngine is a success story for the rapidly growing UK SaaS market. Its innovative approach to harnessing AI resonated with the need for a digital transformation of the conversations many corporates were having with their customers. Beringea supported its growth and expansion through to the transfer of ownership to NICE.”