Exotel acquires Cogno AI to build AI-powered client engagement platform

Exotel, one of Southeast Asia's largest cloud telephony companies, has acquired Cogno AI, an AI-powered omnichannel cloud communication platform.

According to credible sources, the acquisition will help Exotel include conversational AI and co-browsing capabilities to its product range and help it get one step closer towards being an Artificial Intelligence-powered customer engagement platform.

However, the funding details of the transaction that are said to be part stock deal, and part cash were not revealed.

For those unaware, Cogno AI is an AI platform with an omnichannel chatbot, live chat, and co-browse capabilities. It offers customers engagement solutions for organizations, including continuous onboarding of new clients, monitoring customer sentiments, zero exchange resolution for current customers, and several digital sales and support use cases.

The platform is presently leading in the banking, financial services, and insurance (BFSI) market, including approximately 60 large enterprise customers like the HDFC group, Kotak group, Aditya Birla group, ICICI group, State Bank group, and many more.

On the other hand, Exotel has reportedly raised $35 million in Series C funding in September 2021. In addition, the firm has secured approximately $55 million through debt and equity funding in the last 12 months.

Recently, contact center software provider Ameyo and Exotel declared their merger, and now with the acquisition of Cogno AI, the firm is growing at 70% YoY and is at an ARR of $50 million to hit approximately the run rate of $200 million in the next three years.

As per credible sources, Exotel has constantly been solidifying its backings with Ameyo and Cogno AI for providing several customer engagement solutions that can be delivered via the cloud. 

This kind of offering in all the developing markets enables enterprises to connect with customers across processes, channels, and devices to improve the omnichannel journeys.

Source Credit - https://www.business-standard.com/article/companies/cloud-telephony-firm-exotel-acquires-conversational-ai-platform-cogno-ai-121111100053_1.html