San Ramon, CA, USA, Oct, 2020 -- Five9, Inc. (NASDAQ: FIVN), a provider of the intelligent cloud contact center, announced the execution of a definitive agreement to acquire Inference Solutions, an Intelligent Virtual Agent (IVA) platform.
"Intelligent and personalized self-service has become the preferred approach to service for customers," said Donna Fluss, President, DMG Consulting, LLC. "IVAs, which are AI-enabled omni-channel self-service solutions, are going to play a major role in the future of customer service as they provide an outstanding service experience, while automating activities that previously required the attention of live agents. The acquisition of Inference by Five9 gives them a leading IVA solution, greatly expanding their self-service offerings."
As a result of the global pandemic, customers are engaging with brands through contact centers more than ever. Typically, customers who call into a contact center must first get through frustrating touch tone menu trees, or deal with inefficient and limited speech recognition, leaving them frustrated by the time they talk to a live agent. Consequently, to deliver a better self-service experience and relieve stress on agents, companies are increasingly looking to Intelligent Virtual Agents.
IVAs utilize artificial intelligence (AI) to communicate like humans, recognizing speech and text, understanding intent, deciphering different languages, and responding in a way that mimics human conversations. IVAs are rapidly becoming a requirement of the modern contact center and represent a major evolution from touch-tone or voice activated IVRs, which depend upon structured, fixed grammar interactions. By contrast, IVAs are conversational, more accurate and user-friendly. IVAs are being viewed as effective ‘digital workers’ for businesses, resulting in significant savings through increased call deflection rates, better-informed agents, or both.
"We believe adding Inference to the Five9 portfolio accelerates our leadership position in AI while also providing customers with a market leading IVA at a time when customers need efficient real-time assistance," said Rowan Trollope, CEO, Five9. "Customer engagement is now more paramount than ever. Inference is a proven leader with a best in class IVA solution. We are excited to build upon our successful partnership with this acquisition."
"Intelligent Virtual Agents enable a quicker, more efficient, self-service experience," said Callan Schebella, CEO and Founder, Inference Solutions. "To meet today’s heightened customer expectations, we need to continue to innovate with disruptive technology. Our team at Inference is proud to join Five9, a recognized industry leader, and we look forward to shaping the future of customer service."
The transaction is expected to close no later than January 5, 2021.
Posted by Veronica Silva Cusi, news correspondent
Five9 is a provider of cloud software for the enterprise contact center market, bringing the power of the cloud to thousands of customers and facilitating approximately three billion customer interactions annually. Since 2001, Five9 has led the cloud revolution in contact centers, helping organizations transition from legacy premise-based solutions to the cloud. Five9 provides businesses reliable, secure, compliant and scalable cloud contact center software designed to create exceptional customer experiences, increase agent productivity and deliver tangible business results.
Published: Monday, November 2, 2020
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