Alok Kulkarni (Cyara)
Automated customer experience (CX) platform provider Cyara has attracted more than $485 million from high-growth firm K1 Investment Management.
K1’s investment and experience in the software arena will support Cyara’s accelerated growth and its expansion in the contact testing market.
Co-founded in Melbourne in 2006 by CEO Alok Kulkarni, CTO Luan Tran and executive director Bonny Malik, Cyara helps its blue-chip customers build and maintain their CX systems more efficiently with automated testing and monitoring through its software-as-a-service (SaaS)-based Automated CX Assurance Platform.
Kulkarni said the investment marks the beginning of a new chapter for the company.
“This investment is a critical step for Cyara to build upon its global leadership in the CX assurance market,” he said. “The investment will be used to accelerate product innovation, expand CX assurance into new emerging digital channels, fund strategic acquisitions of complementary technologies and fuel geographic expansion.
“Organisations can succeed or fail based on their customer experience. More companies are realising the business-critical nature of the work we do and we’re excited to have the firepower to grow and continue to attract the best people globally.”
NAB has been a Cyara customer for more than 10 years.
NAB head of technology and assisted channels Alex Kocher said the visibility the Cyara platform provides in terms of agent voice quality and connectivity issues, means it can diagnose problems before they occur.
“We can get ahead of any disruption to our customer experience and really support our front-line staff, wherever the agent or banker is based,” Kocher said.
Peakspan Capital will continue in its capacity as a minority Cyara shareholder. Cowen acted as lead financial advisor and placement agent to Cyara on the transaction. Morgan Stanley Australia also acted as financial advisor to Cyara’s board on the transaction.
