Clarabridge, a provider of Customer Experience Management (CEM) solutions has acquired Market Metrix, an Enterprise Feedback Management (EFM) platform for the leisure and hospitality industries. Financial terms of the agreement were not disclosed.
The companies said that Market Metrix will complement and extend Clarabridge’s analytics and measurement-focused CEM offerings with the addition of a 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,” said Sid Banerjee, CEO, Clarabridge, in a statement. “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, apply advanced text and sentiment analytics to identify themes and drivers of customer satisfaction, as well as surface critical operational issues, and coordinate engagement activities that ultimately help companies drive customer loyalty and profitability. 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. “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.”
Founded in 2006, Clarabridge has built a CEM solution powered by sentiment and text analytics for Global 1000 organizations including Dell, Fidelity, Wendy’s International, United Airlines, Best Buy, PetSmart, QVC, Inc., and many more. In September 2013, Clarabridge announced the completion of an $80 million equity investment by new investors General Catalyst Partners, Summit Partners, and Unica-founder Yuchun Lee, in order to continue to innovate, grow the worldwide customer base and capitalize on the projected $6.61 billion CEM market opportunity expected by 2017. This acquisition builds on a record quarter, with the company experiencing 60 percent year-over-year growth in comparison to 2013.
Based in Larkspur, California, 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 while Clarabridge will bring its leadership, innovation and commitment to successful partnerships.
Clarabridge will continue to develop strong relationships with partners and continue to strengthen existing integration APIs and connectors, while providing an offering for customers who need a fully integrated solution.