NICE Systems has reached an agreement to acquire Fizzback, a provider of voice-of-the-customer (VoC) applications, for approximately $80 million.
Fizzback's product, available via a software-as-a-service model, is a real-time operational VoC solution. It sends consumers requests for feedback relating to a specific interaction or transaction via mobile, Web, or social media. The consumer is engaged at the point of experience, for example in the contact center, branch, point of sale (POS), mobile application, or Web. The feedback is analyzed by the system to determine a relevant response, and automatically conduct a dialogue with the consumer in natural language rather than in survey format.
Fizzback’s approach generates response rates of up to 50 percent, significantly higher than industry norms of less than 10 percent. Additionally, consumers provide feedback about their experiences rather than only about what was asked in the surveys. The company collects more than 150 million feedbacks annually.
By adding direct customer feedback with the Fizzback solution, NICE now provides a customer experience management solution that delivers a holistic understanding of the customer by combining on one platform the VoC from each of the three feedback dimensions: direct, indirect, and inferred.
"The adoption of and demand for CEM solutions, at all levels of the organization, including marketing, finance, and operations, is on the rise," said Zeevi Bregman, president and CEO of NICE. "With the addition of Fizzback, NICE is expanding the scope of its capabilities of impacting every customer interaction by introducing a customer experience management solution with the most complete voice-of-the-customer offering. This enables our customers to more effectively capture, understand, and leverage VoC as the foundation to a cross-enterprise CEM strategy.”
"Our unique solution has been enabling our customers to achieve exceptionally high response rates from their customers, and to receive feedback in real time. This combination allows them to take immediate action for increasing customer loyalty and driving efficiency across the enterprise" added Rob Keve, CEO of Fizzback. "This has resulted in extremely high usage rates for our customers, making Fizzback a strategic part of how our customers make decisions and run the business. Thus, we are proud to have experienced rapid growth and high rates of product adoption. We are looking forward to combining these capabilities with NICE’s real-time, cross-channel analytics to provide both NICE and Fizzback customers greater access to even broader capabilities with a more complete VoC solution."