Cyara Drives CX Transformation with over 50% YoY Revenue Growth in FY23, Open AI Integration and Strategic Acquisitions

By Business Wire On Sep 25, 2023

Cyara announces FY23 growth, continues to accelerate global growth with AI-led innovations in chatbot development, acquisitions and expanded leadership team

Cyara, the leading AI-led Customer Experience (CX) Transformation Platform provider, announced it closed out FY23 with 50% year-over-year revenue growth, over 30% YoY SaaS bookings growth, and a Customer Net Promoter Score (NPS) of 67.

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“As we look ahead, we are poised to lead the charge in driving transformative customer experiences, ensuring businesses can continually deliver innovative, new interactions that harness the power of AI and deliver customer smiles,” said Alok Kulkarni, CEO and co-founder of Cyara. “With our outstanding team and leadership, we remain dedicated to empowering businesses with advanced solutions that continue to elevate an organization’s CX.”

Product Integrations & Enhancements

In May, Cyara unveiled its integration of OpenAI’s GPT-3, which accelerates the generation of training and testing data for Cyara Botium, the company’s one-stop solution for comprehensive, automated chatbot and conversational AI testing and assurance. The integration with OpenAI’s GPT-3 powers AI-powered Data and Test Generator and enables enterprises to accelerate the development of their chatbots and voicebots while simultaneously improving chatbot quality.

The announcement came on the heels of Cyara’s release of its global study, commissioned by Forrester. The study shows that while most customers want to use chatbots for automated support, many businesses fail to deliver positive chatbot experiences even as they increasingly rely on them as primary methods of customer interactions online.

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Additional key product enhancements include:

New integrations for Botium including Kore.ai, Cognigy, Genesys Cloud CX and Nuance
Improved Botium user experience with a refreshed UI
More actionable alerts in Pulse with thresholds that throttle alerts, and ability to automatically retry upon failure
Integration of key Spearline capabilities into Pulse for enhanced global dialing
Easier access to Knowledge Center content (support articles, videos, etc.) with direct links from wherever you are in the Cyara portal
Availability of support via live chat

Key Acquisitions

As the company continues to expand, Cyara made two noteworthy acquisitions. In March, Cyara acquired Spearline, an industry-leading global communication testing company headquartered in Ireland. This strategic move significantly expands Cyara’s global in-country dialing and WebRTC testing and monitoring capabilities.

The deal pairs Cyara’s leadership in contact center and chatbot assurance with Spearline’s global dialing and WebRTC capabilities to deliver an unmatched solution set that uniquely addresses the needs of enterprises transforming their CX through the adoption of cloud- and AI-based solutions that support the modern remote workforce. Spearline also brings market-leading WebRTC testing solutions that enable the monitoring of voice and video delivered through Contact Center as a Service (CCaaS) and Unified Communications as a Service (UCaaS) platforms like NICE CXOne, Amazon Connect, Genesys Cloud RingCentral and Zoom.

The company also acquired CentraCX, a comprehensive SaaS-based Voice of the Customer (VOC) solution designed for contact centers. This acquisition further enhances Cyara’s product portfolio with advanced VOC and customer feedback capabilities, cementing its unique position in the CX Transformation market.

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