US-based Boomtrain acquires Bengaluru-based messaging startup Nudgespot
San Francisco-based Boomtrain has acquired Nudgespot for an undisclosed amount.
Marketing platform Boomtrain, which was founded in 2012, uses artificial intelligence (AI) to drive relevant interactions with users and engage with them. Post-acquisition, Nudgespot’s messaging platform, which enables live chat within websites and apps, will be integrated with Boomtrain’s technology with the intent to enhance users’ mobile as well as web experience.
Boomtrain raised $12 million from investors in its last round and received backing from investors like Cota Capital, Crosslink Capital, Lerer Ventures, Sierra Ventures and Streamlined Ventures.
“The acquisition of Nudgespot will accelerate our strategy to enable AI-powered communications between businesses and their customers. This is the first productised messaging application that will be fully integrated into a marketing suite. This gives marketers the ability to incorporate multi-channel chat functionality, combined with our artificial intelligence platform, to facilitate personalised, scalable conversations with their customers,” said Nick Edwards, CEO and founder of Boomtrain.
Former Myntra and Hoopos co-founder Raveen Sastry, who founded Nudgespot in 2014, believes that merging with Boomtrain will help the firm extend offerings to more businesses that are in need of advanced B2C messaging solutions, and will be powered by advanced artificial intelligence, the key differentiator for Boomtrain.
Nudgespot had raised seed funding amounting to $650,000 from Kae Capital and angel investors including Anoop Goyal, Mike Shah and V.A. Sastry.
The acquisition will help Boomtrian expand its business in the APAC region and also enhance its reach in the B2C market. Post-acquisition, the combined team will have 70 members in offices located in San Francisco and Bengaluru.
Boomtrain and Nudgespot had partnered nine months ago and have been developing a product that combines Nudgespot's platform with Boomtrain's AI technology. The combined entity soon plans to launch Boomtrain messenger, which will help in communication with customers.
Acquisitions
The ecosystem has been witnessing a spree of acquisitions since the last quarter. One of the major reasons for this is said to be the funding freeze, which has led to many mergers and acquire-hires in the Indian market.
Flipkart-owned Myntra buying Jabong, Microsoft acquiring LinkedIn, Yahoo’s acquisition by Verizon, and Walmart acquiring Jet, have been a few of the major announcements in the recent past. With the ongoing slowdown in funding, 2016 will surely witness more acquisitions ahead.