Investors Pump $6M into ResponseTek's Growth, Expansion
January 15, 2014
ResponseTek (News - Alert), a Vancouver-based provider of custom experience management software, announced that it has received $6 million in financing from Beedle Capital Partners (BCP) and GrowthWorks to fund its growth and expand into the Middle East and Asia, according to a statement released by the company.
The company, which has attracted clients that include world market leaders in finance, telecommunications and retail, takes various communications between a business and its customers and analyzes it to determine customer experience, the performance of the company’s employees and the potential experience of future customers. Over the past five years, ResponseTek has grown more than 220 percent, according to the company.
ResponseTek has also received recognition from industry experts for its software from Deloitte’s (News - Alert) Technology Fast 500 program to Canada's Top Small & Medium Employers list.
"We feel the industry and ResponseTek both have tremendous room for growth as customer interactions received through today's myriad of online, mobile and traditional channels are increasingly affecting enterprise-wide decision making,” Randy Garg, managing partner of BCP, said in a statement. “ResponseTek is a recognized pioneer and leader in this space working with blue chip global customers across key verticals such as telecom and financial services."
The need for customer experience management software has increased over the past few years as the amount of places customers can comment about the businesses they frequent has increased, including social networking sites and mobile apps.
As stated in a 2012 MarketsandMarkets research report: “In order to get globally connected, companies must frequently monitor these touch points and follow up with their customers by understanding their needs and wants for improving customer loyalty and experience,”
The CEM software market is still relatively small, but is rapidly growing. ResponseTek’s competitors currently include Medallia, Satmetrix, Confirmit (News - Alert) and Nice Systems, but the financing could be enough to cement ResponseTek’s lead in the market.
“We are excited about [the] announcement as it will allow ResponseTek to continue to invest in our exciting product roadmap and allow us to continue expanding our operations around the world,” President and CEO Syed Hasan (News - Alert) said.
Edited by Cassandra Tucker