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Medallia Completes Voci Acquisition

Medallia co-founder Amy Pressman.

Photo by Harry Murphy/Web Summit via Sportsfile, under Creative Commons license

Survey software company Medallia has announced that it has formally closed its acquisition of speech-to-text startup Voci Technologies after announcing the acquisition in late April. Medallia paid $59 million in cash for Pittsburgh-based Voci. The startup will maintain its headquarters in Pittsburgh, Pennsylvania but as a division of Medallia which maintains its own headquarters in San Francisco.

Medallia will integrate Voci's real-time speech to text platform with its survey software platform to help better gather insights from customer feedback. Basically, as companies (Medallia's customers, in this case) engage with customers and get feedback by phone, Voci's artificial intelligence-based speech to text software will help to immediately transcribe recorded calls into text that can be quickly analyzed to determine customer satisfaction. Integrating Voci's technology into Medallia's product suite seems like a great deal.

As an independent startup, Voci Technologies attracted $18 million in funding from investors including Grotech Ventures, Harbert Venture Partners, Innovation Works, and Carnegie Mellon University, an institution it traces its roots to. Voci is actually a spin-off project from the prestigious private research university.

Medallia funded Voci's acquisition with a revolving credit facility, according to a statement from the company.





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