Hearsay Systems, a global leader in digital client engagement for financial services, is entering a new phase as it gets snapped up by another digital marketing technology giant.
On Monday, Yext, a leading platform for multi-location brands to build their digital presence, unveiled a definitive agreement to acquire Hearsay for $125 million, with the potential for an additional $95 million if specific performance targets are met.
The acquisition aims to merge Yext's digital presence management with Hearsay Systems' compliant engagement solutions across social media, websites, text, and voice channels.
Currently, Hearsay has a place in the tech stack of 260,000 advisors and agents, helping them reduce risk and enhance customer engagement by ensuring all interactions comply with regulatory and brand standards.
“Customers are increasingly looking to consolidate digital marketing channels into one platform,” Michael Walrath, CEO and chair of the board at Yext said in a statement. “Yext already provides access to more channels than any other provider.”
By cross-pollinating Hearsay’s technology into its platform, Walrath expects Yext “will bring instant value to our regulated customers,” with “an opportunity to bring these solutions to other industries.”
Leading financial firms rely on Hearsay's compliance-driven platform to scale their reach, optimize customer engagements and deliver exceptional client service.
The fintech provider’s solutions also have several integrations with major CRM systems, including a significant partnership with Salesforce. In 2020, Hearsay received an investment from Salesforce’s VC arm, which acquired a minority stake in Hearsay’s business.
“Hearsay Systems has a long history of innovation for financial services, building transformational client engagement solutions and successfully bringing AI to a highly regulated industry,” stated Michael Boese, CEO of Hearsay Systems. “We've only just begun to see the opportunities for AI in digital marketing.”
The acquisition is anticipated to close in the second half of Yext's fiscal year 2025, ending January 31, 2025, pending regulatory approvals and other customary closing conditions.
Union Square Advisors, a technology-focused investment bank, advised Hearsay Systems on the deal.
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