According to Fortune Business Insights, the artificial intelligence market is expected to experience compound annual growth of 33 percent between 2020 and 2027. The market is expanding exponentially, and as a result, Qualtrics has announced it is acquiring the conversational analytics provider Clarabridge for $1.125 billion.
Qualtrics, a leader in customer experience software used by over 13,500 businesses worldwide, allows users to connect personally with their customers and gather data that leads to action. The Clarabridge acquisition adds a powerful AI solution to Qualtrics’ capabilities. With customer feedback tools from sources like social media, email, and message chats, users can efficiently monitor and analyze customer feedback as it relates to strategies.
“With our acquisition of Clarabridge, we’re accelerating our growth and leadership as the world’s #1 experience management company and taking the category we created to an entirely new level,” said Qualtrics CEO Zig Serafin. “Together, we’ll give companies even greater power to build deep, trusted relationships with their customers and employees and deliver incredible experiences that everyone will love. We’re excited to welcome the Clarabridge team to Qualtrics.”
Clarabridge’s platform has the ability to understand 23 languages and over 150 industry models. Large national clients include GM, United Airlines, Bank of America, and Expedia use the solution to help understand their customer feedback from multiple sources.
“Clarabridge’s ability to help companies discover what their customers are saying about them across unstructured sources and provide meaningful, actionable insights is a perfect complement to the Qualtrics platform,” said Clarabridge CEO Mark Bishof. “What we deliver is far more powerful as part of Qualtrics, and we have an incredible opportunity to accelerate our growth and innovation as part of the world’s #1 experience management company.”
The acquisition is expected to close at the end of the fourth quarter in 2021.