Invoca, a marketing call analytics company based in Santa Barbara, announced its first acquisition May 24, the purchase of a Chicago-based call tracking and analytics company called DialogTech in a combined cash and stock deal.
Terms of the deal were not disclosed. Invoca said the puts it on track to exceed $100 million in revenue during this fiscal year.
Invoca did not disclose its pre-acquisition revenue. The last time it released revenue figures to the Business Times, it reported around $45 million in revenue for 2018 and had more than doubled its revenue over the preceding three years.
Invoca’s “conversation intelligence” platform helps companies analyze customer phone calls and other conversations and use the results for sales, marketing and customer service. The conversation intelligence market is estimated to be worth about $4.8 billion in 2020 and could grow to be as large as $14 billion by 2025, according to a report by Markets and Markets.
The impending end of third-party web tracking cookies in Google products by 2022, and similar privacy-motivated moves by Apple, will make marketing more difficult for many companies, and Invoca is positioning its platform as a solution. Call volumes surged during the COVID-19 pandemic, and companies are looking to get data and marketing insight from those calls.
“With the acquisition of DialogTech, Invoca strengthens our AI-powered conversation intelligence platform. Together, we will empower marketing, sales, and eCommerce teams to optimize digital and human buying experiences and accelerate revenue growth,” Gregg Johnson, CEO of Invoca, said in the company’s news release.
As part of the deal, DialogTech has divested from its previous partnership with Swydo, a web platform for marketers. Swydo will act as an independent entity and will partner with Invoca and DialogTech, Invoca said.
This acquisition follows the Invoca’s recent announcement of Invoca for Sales, a set of products for e-commerce, customer experience and sales teams.
“This move enables us to be an even better partner to enterprises and agencies looking to optimize their marketing and drive sales,” DialogTech CEO Doug Kofoid said in the news release. “Together as Invoca, our combined company will deliver an unrivaled solution for conversation intelligence, with the most innovative technology, expertise, experience, and resources in our industry.”
Following the acquisition, Invoca will have more than 2,000 customers and more than 300 employees. Its clients include ADT, Dish Network, Home Depot and Telus Communications. To date, Invoca has raised $116 million in funding, including $56 million from its last funding round in October 2019.