PROVEN VCTS SUCCESSFULLY EXIT CONTACTENGINE FOLLOWING NICE ACQUISITION
09 Sep 2021
London, 09 September 2021: The ProVen VCTs have announced that they have successfully sold their stake in ContactEngine following an acquisition of the business by NICE.
ContactEngine, a SaaS platform specialising in conversational AI, has been acquired by NICE, a leading provider of contact centre software. Following the acquisition, the NASDAQ-listed software company announced the launch of CXone SmartReach, a comprehensive AI-powered solution that enables organizations to have proactive, multi-day, asynchronous conversations.
The ProVen VCTs first invested in ContactEngine in 2016, co-leading a £2m investment alongside Amadeus Capital Partners, and subsequently participated in two further rounds of funding to support the business as it expanded in the U.K. and internationally.
ContactEngine was founded in 2009 by Mark Smith, Giles Bryan, and Andy Ayers to transform the experience of customer communications through harnessing AI. During its five years as a member of the ProVen VCTs’ portfolio, ContactEngine grew its presence in the U.K. and established a team on the East Coast of the U.S. led by Giles Bryan. Beringea, the investment manager of the ProVen VCTs, represented by Stuart Veale on the board of the company, worked closely with the ContactEngine team as it expanded its North American footprint.
The ProVen VCTs have a growing portfolio of SaaS investments including Zoovu, DeepCrawl, and Social Value Portal. As well as playing an active role on the boards of portfolio companies, the ProVen VCTs support SaaS businesses through the Beringea Scale-Up Academy, a programme of events, training, and resources designed to tackle operational and strategic issues such as sales leadership, customer success, and international expansion.
Stuart Veale, Managing Partner of Beringea, the investment manager of the ProVen VCTs, commented: “ContactEngine is a success story for the rapidly growing UK SaaS market. Its innovative approach to harnessing AI resonated with the need for a digital transformation of the conversations many corporates were having with their customers. The ProVen VCTs supported its growth and expansion through to the transfer of ownership to NICE.”