Yext is set to acquire Hearsay Systems

The acquisition will allow Yext to offer a unified digital marketing platform that will facilitate the customer journey from prospect to loyal customer.

Yext, Inc., the leading digital presence platform for multi-location brands, has announced a definitive agreement to acquire Hearsay Systems, a global leader in digital client engagement for financial services, for $125 million. The deal includes potential additional payments of up to $95 million, contingent upon meeting specific performance targets.

Hearsay Systems’ compliant engagement solutions for social media, websites, text, and voice will be integrated with Yext’s industry-leading digital presence management platform as a result of the acquisition. Through this strategic decision, both companies will be able to leverage on their respective technological capabilities in order to develop a single digital marketing platform. This platform will facilitate the acceleration of the conversion of prospects into loyal customers and will fuel the customer experience.

The most renowned financial institutions in the world make use of the compliance-driven platform that Hearsay System offers in order to broaden their operations, improve their consumer engagements, grow their business, and give great customer service. Additionally, Hearsay Systems provides a scalable approach to customer engagement management by assisting 260,000 advisors and agents in ensuring that all contacts comply with regulatory and brand requirements. This helps to reduce risk and provides a solution for managing client engagement. Through the utilisation of Yext’s artificial intelligence technology and diverse product offerings, businesses are able to gain access to a higher number of channels on a single platform. Additionally, they can make use of aggregated analytics and recommendations to improve their performance across all channels.

It was said by Michael Walrath, the Chief Executive Officer and Chair of the Board of Yext, that consumers are increasingly looking to consolidate digital marketing channels into a single platform in order to improve efficiency, enhance performance, and save costs. At the moment, Yext is the only service that provides a bigger number of channels than any other company. via the use of Hearsay Systems, he claimed that they will provide brands with an extra channel via which they can effectively communicate directly with their customers. The integrated technology will bring immediate benefits to their consumers who are subject to regulation, and they anticipate the possibility of expanding these solutions to other industries. As a company that is committed to resolving concerns that customers have, Yext is able to bring the innovation that customers require at a more rapid speed thanks to Hearsay.

In 2020, Salesforce’s venture capital arm invested in Hearsay Systems, which includes a firm alliance with Salesforce. Hearsay Systems’ solutions are integrated into CRM systems. Brands can enhance field productivity, orchestrate workflows, uncover best practices, monitor client interactions, and synchronise contact information with CRM integration.

Michael Boese, CEO of Hearsay Systems, highlighted the company’s long-standing history of innovation in the financial services sector, where they pioneered the use of AI in a highly regulated industry and developed groundbreaking client engagement solutions. He expressed enthusiasm about the opportunity to expand their suite of solutions for existing customers and to bring Hearsay’s innovations to new industries.