Cloud customer engagement platform Exotel acquires Cogno AI

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Cloud customer engagement platform Exotel on November 11 announced its acquisition of an AI-powered omnichannel cloud communication platform - Cogno AI.

With this acquisition, Exotel has added conversational AI and co-browsing capabilities to its product suite and moves one step closer towards being an AI-powered customer engagement platform.

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Earlier in September 2021, Exotel announced a $35 million Series C funding, and over the last 12 months, the company has totally raised $55 million through debt and equity funding.

Recently, Exotel & Ameyo announced their merger and now with Cogno AI, the organisation is currently growing 70 percent YoY and is at an annual recurring revenue (ARR) of $50 million with a target to hit an ARR of $200 million over the next 3 years, the firm said in a press release.

"Distributed workforce, adoption of digital channels, and conversational AI are clear trends in the customer engagement space. With the acquisition of Cogno AI, Exotel brings conversational AI capabilities to its contact centre offering,” Exotel's CEO and co-founder Shivku said.

“Exotel and Ameyo together serve the largest brands in emerging geographies. This acquisition puts Exotel ahead of the market by offering an AI-powered Customer Engagement Platform on the cloud to its customers," Shivku added.

Cogno AI is a conversational AI platform with an omnichannel chatbot, live chat, and co-browse capabilities. The firm provides the customer engagement solution for enterprises including monitoring customer sentiments, seamless onboarding of new customers, zero contact resolution for existing customers, and various digital sales and support use cases.

"Working directly with enterprise clients helped us get the right feedback and build a product-market fit for the BFSI space. We see tremendous synergies with Exotel and Ameyo, and through the combination, we can bring a lot of added value to our customers,” Cogno AI CEO and Co-founder Aman Goel said.

Following the acquisition, Cogno AI’s team of 98 will join Exotel to build the combined vision of bringing together all the tools for customer engagement in one place. This transaction is part cash and part stock deal. Vertices Partners acted as the legal counsel to Cogno AI and Bangalore-based investment bank, IndigoEdge, was the banker for the transaction.