Chicago-based marketing analytics company DialogTech is being acquired by a California company that makes conversation intelligence software.
Santa Barbara-based Invoca announced Monday that it is buying DialogTech for an undisclosed price in a cash and stock deal.
Invoca uses artificial intelligence to help e-commerce and customer experience clients execute marketing and brand strategies during customer phone calls. The SaaS platform is designed to help users create better buying experiences and increase revenue.
DialogTech, founded in 2005, uses artificial intelligence-powered call tracking technology to provide phone call analytics for businesses. With DialogTech, Invoca says it will be able to invest in product innovation and reach clients in key industries.
"This move enables us to be an even better partner to enterprises and agencies looking to optimize their marketing and drive sales," said DialogTech CEO Doug Kofoid in a statement.
Invoca, which has more than 300 employees, says it is on track to make more than $100 million in revenue in 2021. The company has over 2,000 customers, which include ADT, the Mayo Clinic and The Home Depot.
As part of the deal, DialogTech is divesting Swydo, a Netherlands-based software company that it acquired in 2018. Going forward, Swydo will operate as an independent entity but still partner with Inova and DialogTech, the companies said.
Swydo is the third company that DialogTech acquired, according to Crunchbase. In 2010, DialogTech acquired Austria-based Cloudvox and in 2014, it acquired Independence, Ohio-based Mongoose Metrics.
To date, DialogTech has raised more than $76 million in venture capital funding from investors like River Cities Capital Funds, Origin Ventures, NewSpring and Jumpstart Ventures.
