Hootsuite’s acquisition of Heyday will expand its suite of social media-focused customer service products. Here are the top-line bullets you need to know.
Hootsuite, a social media management platform, has acquired Heyday, a conversational AI platform, for $47.8M.
WHO ARE THE PARTIES TO THE DEAL?
- Heyday: Canada-based Heyday enables retailers to deliver personalized customer interactions through its AI-enabled 1:1 messaging services. It integrates with over 30 e-commerce platforms such as WhatsApp, Facebook Messenger, and Google Maps. The company’s customers include Lacoste, Decathlon, Cirque du Soleil, Jack & Jones, and Danone, among others.
- Hootsuite: Canada-based Hootsuite is a social media management and analytics platform for enterprise businesses and individual users. It has over 18M users from companies like GE, Melia Hotels, Allianz, Dominos, and Marketo leveraging its tools.
Source: Heyday
WHY DOES THE MARKET MATTER?
The acquisition strengthens Hoostsuite’s position in the conversational AI market:
- The conversational intelligence market is projected to reach a value of $13.9B by 2025, growing at a CAGR of 21.9%, according to Markets and Markets.
- The rise of social platforms and advancements in AI technology coupled with low development costs have contributed to industry growth. North America is projected to capture the largest share of the global conversational AI market by 2025.
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