Yext Buys FS Sector Engagement Specialist Hearsay

In New York, digital presence and knowledge management platform Yext has announced an agreement to acquire Hearsay Systems, which offers digital client engagement solutions for the financial services sector. Yext will pay $125m, with an additional $95m dependent on performance.

Yext's single platform offer, driven by machine learning, helps companies to deliver 'consistent, accurate and engaging experiences' and connect with customers anywhere in the digital world. The platform also delivers cross-channel analysis to inform decision-making.

Hearsay is headquartered in San Francisco, with teams on three continents helping digital client engagement and compliance for advisors and agents working in financial services. Salesforce's venture capital arm took a stake in the company in 2020, and Hearsay's solutions integrate into the CRM giant's systems and those of some of its competitors.

Subject to approvals, the transaction is expected to close in the second half of Yext's fiscal year 2025, ending January 31st 2025. The combined company will offer a single digital marketing platform to power the customer journey and speed the conversion of prospects into loyal customers.

Michael Walrath (pictured), CEO and Chair of the Board at Yext comments: 'Customers are increasingly looking to consolidate digital marketing channels into one platform to increase efficiency, improve performance, and reduce costs. Yext already provides access to more channels than any other provider. With Hearsay Systems, we'll provide even more ways for brands to connect with their customers one-to-one'.

Michael Boese, CEO of Hearsay Systems says the company has a long history of innovation for financial services, and comments: 'We are excited to provide an expanded solution set to our customers and introduce Hearsay solutions to customers across additional industries. We've only just begun to see the opportunities for AI in digital marketing'.

Web site: www.yext.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.