Reston-based Clarabridge Inc. acquires Market Metrix
Reston-based Clarabridge Inc. has acquired Market Metrix, a California feedback management firm serving the leisure and hospitality industries.
Clarabridge, the nation’s seventh fastest-growing software company specializes in customer experience management, a strategy focusing on operations and processes designed to meet customer needs.
Financial terms of the deal were not disclosed.
Sid Banerjee, Clarabridge’s CEO, said in a statement that customer experience management “is becoming mission critical to many enterprises.
“A common vision that emerged from our engagement with thousands of organizations is the market’s need for an end-to-end solution that integrates customer feedback from all sources, apply advanced text and sentiment analytics to identify themes and drivers of customer satisfaction, as well as surface critical operational issues, and coordinate engagement activities that ultimately help companies drive customer loyalty and profitability,” he said. “The merger between Clarabridge and Market Metrix enables us to bring this vision to reality, as the currently fragmented CEM market starts its convergence toward a complete solution suite.”
The acquisition follows the completion of an $80 million equity investment last September by investors General Catalyst Partners, Summit Partners and Unica founder Yuchun Lee.
Founded in 2006, Clarabridge uses sentiment and text analytics in development customer experience management programs for companies such as Dell, Fidelity, Wendy’s International, United Airlines, Best Buy, PetSmart and QVC.
The company said it is seeing 60 percent revenue growth this year compared with 2013.
Based in Larkspur, Calif., Market Metrix has long-standing business relationships with hospitality companies such as Wynn Resorts, Langham Hospitality Group and Red Roof Inn.
“These two companies could not be more complementary, Lenny Nash, CEO of Market Metrix, said in a statement. “The combined offerings will equip enterprises with everything they need to put the voice of the customer to work.”