Clarabridge, a provider of intelligent customer experience management (CEM) solutions, today announced its acquisition of Market Metrix, provider of an 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, applies advanced text and sentiment analytics to identify themes and drivers of customer satisfaction, as well as surfaces critical operational issues and coordinates engagement activities that ultimately help companies drive customer loyalty and profitability," said Sid Banerjee, CEO of Clarabridge, in a statement. "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, in a statement. "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."
In September 2013, Clarabridge completed an $80 million equity investment by new investors General Catalyst Partners, Summit Partners, and Unica-founder Yuchun Lee, to continue to innovate, grow its worldwide customer base, and capitalize on the CEM market. This acquisition builds on a record quarter, with Clarabridge experiencing 60 percent growth in comparison to 2013.
"Clarabridge's leadership in the CEM space has been driven by superior technology and customer success based on measureable results," Lee said in a statement. "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."
Based in Larkspur, Calif., 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.