Exotel acquires AI-powered omnichannel cloud communication platform Cogno AI

Exotel, a cloud customer engagement platform in the emerging markets, has announced its acquisition of Cogno AI, an AI-powered omnichannel cloud communication platform.

With this acquisition, Exotel adds conversational AI and co-browsing capabilities to its product suite and moves one step closer towards being an AI-powered customer engagement platform. 

Cogno AI is a conversational AI platform with an omnichannel chatbot, live chat, and co-browse capabilities. It provides the customer engagement solution for enterprises, including monitoring customer sentiments, seamless onboarding of new customers, zero contact resolution for existing customers, and various digital sales and support use cases. 

In the BFSI sector, Cogno AI currently associates with 60+ large enterprise customers, including the State Bank group, HDFC group, ICICI group, Kotak group, Aditya Birla group, and many more.

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[Funding alert] Cloud-based customer engagement startup Exotel raises $35M in Series C round

In September 2021, Exotel announced a $35 million Series C funding, and over the last 12 months, the company has totally raised $55 million through debt and equity funding. Exotel and Ameyo recently announced their merger and now with Cogno AI, the organisation claims to be currently growing 70 percent YoY and is at an ARR of $50 million with a target to hit an ARR of $200 million over the next three years.

“Distributed workforce, adoption of digital channels, and conversational AI are clear trends in the customer engagement space. With the acquisition of Cogno AI, Exotel brings conversational AI capabilities to its contact centre offering,” said Shivku, Co-founder and CEO of Exotel. 

“Exotel and Ameyo together serve the largest brands in emerging geographies. This acquisition puts Exotel ahead of the market by offering an AI-powered customer engagement platform on the cloud to its customers,” Shivku added.

According to Aman Goel, Co-founder and CEO of Cogno AI, “We see tremendous synergies with Exotel and Ameyo, and through the combination, we can bring a lot of added value to our customers.”

“Our focus has always been on how we can serve our customers better, how we can solve their problems, and delight them at the same time. Along with Exotel and Ameyo, we’re sure to add great value to our customers through our AI-powered Cloud Customer Engagement Platform,” stated Harshita Srivastava, Co-founder, and CTO of Cogno AI.

Cogno AI’s team of 98 joins the Exotel family to build the combined vision of bringing together all the tools for customer engagement in one place. The transaction is a part cash and part stock deal. 

Vertices Partners acted as the legal counsel to Cogno AI and Bengaluru-based investment bank, IndigoEdge, was the banker for the transaction.