Successful Partnership Paves The Way For Future Growth
North Bridge Growth Equity, a leading growth equity firm that invests in high-growth technology companies today announced the sale of Contact Solutions, a leading provider of real-time, contextual customer care solutions to Verint® Systems Inc. (NASDAQ: VRNT).
Contact Solutions, headquartered in Reston, Va. provides cloud-based, voice and mobile customer care solutions that are nearly effortless through highly personalized self-service and agent-assisted experiences that respect a customer’s time. The company’s Business Intelligence solutions provide enterprises access to real-time business intelligence and data analytics that continually improve and optimize customer engagement so enterprises can achieve superior results at a compelling cost.
North Bridge Growth Equity first invested in Contact Solutions in August 2010. Since that time, Contact Solutions completed the strategic acquisition in Sept 2015 of NexxPhase, a wholly owned subsidiary of business process outsource provider NexxLinx, with North Bridge providing support in sourcing, diligence and execution. NexxPhase provides cloud-based virtual customer engagement solutions that integrate communication channels, customer interactions, and back-office systems.
Over the period of investment, Contact Solutions added several senior executives, board members and expanded its service offerings including the launch of its patented digital customer engagement solution, My:Time™. With continued operational excellence and accelerated growth, the company has been honored with several customer service awards and was included on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Today, Contact Solutions services over 1.5 billion minutes of annual call volume and employs 120 people in two U.S. offices. It has also grown to be one of the top five largest hosted interactive voice response (IVR) providers in North America.
“First as CFO and then as CEO and board member, I appreciated the five-year partnership with North Bridge knowing I could always rely on them to provide great advice and insights on strategy, people and competition,” said Michael Southworth, Chief Executive Officer of Contact Solutions.
North Bridge Managing Director Doug Kingsley, who served on the Contact Solutions Board of Directors since 2010, commented, “We are thrilled to see the potential offered by combining Contact Solutions’ strong self-service capabilities with Verint’s advanced customer analytics, engagement management and workforce optimization solutions. Over the course of the five-year partnership I enjoyed working with the Contact Solutions team and helping support their efforts to grow organically and via acquisition.”
Russ Pyle, a Partner with North Bridge, who also served on the Contact Solutions Board of Directors since 2010, added, “We look forward to seeing the company and the team embark on this next stage of growth and wish them continued success with their business.”
ABOUT NORTH BRIDGE
North Bridge Growth Equity, and its affiliate North Bridge Venture Partners, actively partner with founders and entrepreneurs of market leading companies, who are using technology to disrupt and reinvent large, dynamic markets. With $3.8 billion of capital under management, the firm has funded more than 170 companies creating many billions in market value. Among those firms are Acquia, Actifio, Dyn, Demandware, IngeniousMed, Proto Labs, Starent Networks, Seniorlink, Smart Pak, Valence Health, and WP Engine. The firm is based in Waltham, MA. To learn more about North Bridge go to www.northbridge.com.
ABOUT CONTACT SOLUTIONS
Contact Solutions is a leading provider of cloud-based voice and mobile customer care solutions. With a focus on customer engagement that’s effortless for the customer and sustainable for the enterprise, its cloud-based, voice and mobile customer care solutions help reduce effort through highly personalized self-service and agent-assisted experiences, all provided at the convenience of the customer. Leveraging business intelligence to continually improve and optimize customer care, it helps today’s enterprises achieve superior results at sustainable cost, while adapting quickly to rapidly changing customer demands. Learn more at www.contactsolutions.com.