US GP buys India’s Acqueon from Everstone
US-based Long Ridge Equity Partners has acquired a majority stake in Indian customer engagement software provider Acqueon from Everstone Capital for an undisclosed sum.
Everstone, which incubated Acqueon in 2019, had planned to close the deal at around USD 200m, according to a July report in VCCircle. The Singapore-based investor is retaining a minority position. Other backers include Cisco Investments.
Acqueon offers an omnichannel customer engagement platform that is compatible with existing contact centre technology and helps clients orchestrate compliant customer engagement campaigns. The platform comprises a campaign manager, real-time conversational intelligence capabilities, and a customer engagement data engine.
The company claims to help enterprises maximise the potential of customer conversations through statistical and predictive models, as well as intelligent workflows. Its technology is used by more than 200 enterprise customers and 110,000 agents across various industries to increase sales, implement proactive service, improve collections, and establish consumer loyalty.
Everstone has executed various value-creation initiatives, including professionalising and institutionalising the business, and adding industry experience, according to a statement. This work also included enabling R&D and sales investments while facilitating partnerships with new-age cloud contact centre players.
The latest transaction will allow Acqueon to advance product innovation, channel partner expansion, and invest in its people, platform, and client services. The company said in July that it expected to see triple-digit growth driven by a rise in customer, patient, and citizen engagement across the enterprise, healthcare, and public services spheres.
Founded in 2007, Long Ridge specialises in financial and business technologies, where it claims significant value creation capacity and a hands-on approach. The firm closed its third fund in 2020 on USD 400m. It manages more than USD 1bn of committed capital.
Everstone Capital is the private equity arm of Everstone Group. It focuses on the middle market with control mindset and growth bias. Previous investments in India-based customer engagement includes Servion and Everise. The latter was also incubated using internal resources before being exited to Brookfield Asset Management in 2020.
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