Strategic acquisition expands Cyara’s digital CX assurance capabilities
Cyara, provider of the award-winning Automated Customer Experience (CX) Assurance Platform, closed its acquisition of industry-leading automated chatbot testing company, Botium, which adds chatbot and conversational AI testing capabilities to its portfolio, further solidifying its position as the global leader in the CX testing and assurance market.
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The chatbot market is rapidly growing, with a 22.5% compound annual growth rate (CAGR) projected between 2020 and 2027. The increased use of chatbots and natural language understanding (NLU) throughout the digital customer journey has created the need for solutions that can efficiently and effectively test and monitor the performance of chatbots and conversational AI. Botium provides solutions that solve this unique need to Cyara, bolstering the comprehensiveness of its automated CX assurance capabilities across digital channels and making it an ideal addition to Cyara’s existing portfolio of solutions that enable customers to assure their CX is flawless.
The acquisition is part of Cyara’s strategic plan for international growth and product innovation, fueled by its recent $350 million growth investment. Cyara’s mission is to deliver a complete CX assurance platform that will test customer journeys cohesively, regardless of channel or whether those journeys are delivered through a single platform or multiple best-of-breed solutions. More than 100 million chatbot tests have been executed on Botium Box and the company has a 92% recurring customer rate. Botium brings over 1,500 Botium Box customers, in addition to 185,000 open source users. Additionally, the acquisition expands Cyara’s existing international presence to Central Europe, with Botium’s offices in Austria.
“This acquisition is a major milestone in Cyara’s growth and it further enhances our ability to help companies assure their end-to-end customer experiences,” said Alok Kulkarni, CEO of Cyara. “We are so pleased to join forces with Botium to provide an easy way for enterprises to ensure their CX through an IVR, chatbot, agent-based phone, or some combination of voice and digital channels is flawless.
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Botium, named in 2021 as a Gartner Cool Vendor in Conversational and Natural Language Technologies, brings deep expertise in chatbots, conversational AI and NLU to Cyara. Its skilled workforce will join Cyara’s digital CX assurance development team. Chatbots and conversational AI present unique challenges for testing and monitoring. Given all the possible permutations that could occur, manual testing is simply not possible. Botium’s automated chatbot testing improves the quality of the chatbot, ensuring it performs as expected, all while reducing the efforts of enterprise IT teams and shortening the time-to-market for chatbots. Its solution provides added value in every phase of the customers’ bot development lifecycle.
“We see Cyara as a natural fit since it is a forward-looking company that’s well-positioned to lead the digital CX assurance category,” said Christoph Börner, Co-founder and CEO of Botium. “The Botium team is made up of talented developers and engineers, and joining Cyara’s team will give us additional resources to expand our efforts in developing innovative solutions for testing chatbots and conversational AI, as well as reaching a wider global customer base.”
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