Genesys Announces Intent to Acquire Bold360 from LogMeIn
The combination is set to advance its Experience as a Service vision and deliver the next frontier of digital customer experience
SAN FRANCISCO, March 16, 2021 /PRNewswire/ — Genesys®, a global leader in cloud customer experience and contact center solutions, announced its intent to acquire Bold360, a leader in AI powered digital customer engagement. The proposed acquisition of Bold360 from LogMeIn will advance Genesys’ Experience as a Service(SM) vision. Chosen by the largest businesses in the world and recognized by industry analysts, Bold360 is known for its leading digital capabilities, including its conversational AI, dynamic knowledge base and intuitive agent experience.
By uniting Bold360’s complementary capabilities with the Genesys AI and data platform and partner ecosystem, Genesys will enable companies to deliver experiences that are fluid, context-based and personalized across any part of their business or channel. With Bold360, Genesys will accelerate its vision for Experience as a Service, reimagining how empathy can inextricably link marketing, sales and service experiences for customers.
Experience as a Service makes it possible for companies to listen, understand and predict customer behavior before they act to deliver more effective and empathetic customer experiences. In fact, customer engagement and service are becoming far more strategic as they move from a cost center to a revenue accelerator. According to Gartner, "By 2025, 40% of customer service organizations will become profit centers by becoming de facto leaders in digital customer engagement."1
Comments on the News
"The overwhelming positive market reaction to Experience as a Service reflects how eager companies are to constantly innovate how they engage their customers with empathy," said Tony Bates, CEO and Chair. "Many realize they’re missing an opportunity to establish more human-level connections with their customers across every engagement on any channel. With Bold360, we’re aiming to transform digital into rich, dynamic personalized experiences companies and their customers will love."
"With Genesys Cloud, we have a robust customer experience platform with all the features needed to raise the bar on the service we provide to members," said Aarde Cosseboom, Senior Director of GMS Technology, Analytics, and Product, TechStyle Fashion Group. "The combination of Bold360 and the Genesys Digital and AI platform is a game-changer, and we look forward to seeing how this can help us expand our digital channels."
"Companies have to become customer-centric," said Alan Webber, program vice president of Customer Experience, IDC. "They need to orient their business processes around customer experiences instead of around individual channels. One of the most promising areas is uniting digital with the rest of the experiences."
"LogMeIn is proud to have developed Bold360 to become a customer engagement solution of choice for enterprise contact centers, supporting more than 1 billion interactions every year," said Bill Wagner, President and Chief Executive Officer at LogMeIn, a leading provider of cloud-based solutions across communications, security and IT that enable the work-from-anywhere era. "We’re confident that Genesys is the right owner to unlock Bold360’s full potential moving forward, as we focus our investments and innovations on enabling growing businesses to be productive, collaborative and secure in this new work from anywhere world through our other market-leading products."
Upon close, Bold360 will join the Genesys Digital and AI business unit led by Barry O’Sullivan, Genesys executive vice president and general manager. The acquisition is expected to build on the company’s momentum in the market, with record-setting cloud growth and more than 800 new customers on Genesys Cloud™ and Genesys Engage Multicloud™ in fiscal year 2021.
Details on the Transaction
The proposed transaction is expected to close the first half of calendar 2021. Fried, Frank, Harris, Shriver & Jacobson LLP is serving as legal advisor to Genesys. Mizuho Securities USA LLC is serving as exclusive financial advisor to LogMeIn, and Latham & Watkins LLP is serving as legal advisor.
Every year, Genesys® delivers more than 70 billion remarkable customer experiences for organizations in over 100 countries. Through the power of the cloud and AI, our technology connects every customer moment across marketing, sales and service on any channel, while also improving employee experiences. Genesys pioneered Experience as a ServiceSM so organizations of any size can provide true personalization at scale, interact with empathy, and foster customer trust and loyalty. This is enabled by Genesys Cloud™, an all-in-one solution and a leading public cloud contact center platform, designed for rapid innovation, scalability and flexibility. Visit www.genesys.com.
About LogMeIn, Inc.
LogMeIn, Inc.’s category-defining products, such as GoTo, LastPass, Rescue, LogMeIn Central and more, unlock the potential of the modern workforce by making it possible for millions of people and businesses around the globe to do their best work simply and securely—on any device, from any location and at any time. A pioneer in remote work technology and a driving force behind today’s work-from-anywhere movement, LogMeIn has become one of the world’s largest SaaS companies with tens of millions of active users, more than 3,500 global employees, over $1.3 billion in annual revenue and approximately 2 million customers worldwide who use its software as an essential part of their daily lives. The company is headquartered in Boston, Massachusetts with additional locations in North America, South America, Europe, Asia, Australia and thousands of home offices around the globe.
Forward Looking Statements
Statements in this press release that are not historical or current facts are forward-looking statements that involve risks and uncertainties. Unless required by law, Genesys undertakes no obligation to update or revise any forward-looking statements to reflect circumstances or events after the date of this press release.
Genesys empowers more than 7,500 organizations in over 100 countries to improve loyalty and business outcomes by creating the best experiences for customers and employees. Through Genesys Cloud, the #1 AI-powered experience orchestration platform, Genesys delivers the future of CX to organizations of all sizes so they can provide empathetic, personalized experience at scale. As the trusted, all-in-one platform born in the cloud, Genesys Cloud accelerates growth for organizations by enabling them to differentiate with the right customer experience at the right time, while driving stronger workforce engagement, efficiency and operational improvements.