LiveOps Raises $30 Million to Accelerate Global Expansion
Monday, January 27, 2014
LiveOps, Inc., the global leader in cloud contact center and customer service solutions, announced today it has closed a $30 million round of debt funding from Comerica Bank. This transaction represents the single largest round of funding in the Company’s history. In conjunction with this financing, LiveOps also announced the formation of two separate corporate entities to focus on LiveOps’ growth in cloud contact center software and on-demand agent services. The two businesses, called LiveOps Cloud Platform, LLC and LiveOps Agent Services LLC, will be run as wholly owned subsidiaries of LiveOps, Inc. with Marty Beard, CEO, assuming the Chairman of the Board position.
“In the span of two years, LiveOps has undergone a significant business transformation that has capitalized on our core agent services business while capturing significant market share in the cloud contact center market segment,” said Marty Beard, chairman and CEO, LiveOps. “We have seen a 55 percent average growth rate in platform revenue over the last couple of years, as well as a 240 percent growth in bookings and a 112 percent growth in new customer acquisitions just in the last year. We have also increased the number of channel partners worldwide fourfold and expanded our global infrastructure to the U.K., Australia and the rest of Asia. This new round of funding will be used to accelerate our growth worldwide and capture even more market share in the rapidly changing customer service arena. We believe that we have the right technology and sales momentum needed to become the global leader in cloud customer service.”
LiveOps Cloud Platform provides contact center applications that enable organizations to intelligently manage multichannel customer interactions across voice, email, chat, social media and SMS. According to the September 2013 Ovum Decision Matrix: Selecting a Multichannel Cloud Contact Center Vendor from global analyst firm, Ovum, “LiveOps scored higher than any competitor on its customer sentiment metrics, with particularly good results for product quality, deployment time, multichannel routing and the depth of its multichannel offerings.” In addition, while the Market Trends: Contact Center as a Service, North America, Gartner Foundational November, 2013 research compiled by analysts Daniel O'Connell and Drew Kraus of Gartner, Inc. projected the industry’s Compound Annual Growth Rate at 17.8 percent, LiveOps’ revenues have grown at an average rate of 55 percent over the last two years – three times the industry projection.
LiveOps Agent Services provides on-demand outsourced customer service through a network of 20,000 independent, work-at-home agents. Handling over 70 million interactions a year on behalf of more than 250 clients, LiveOps Agent Services provide sales and customer service agents for Retail, Financial Services and Health & Human Services industries. In 2013, the Company drove a 75 percent growth in Insurance customer service interactions, 67 percent increase in Health & Human Services revenue and provided agent services to 70 percent of the top direct marketing retailers in the U.S.
“Comerica Bank is a longtime LiveOps partner that saw value in our technology, customer base and overall brand acceleration – acceleration that outpaced many others in the SaaS marketplace,” said Beard. “The new funding was achieved without the shareholder dilution that can accompany traditional equity funding, allowing LiveOps to protect and foster current investor relations while maintaining complete control over the Company direction.”
For more information on LiveOps, please visit http://www.liveops.com/.
LiveOps is the global leader in cloud contact center and customer service solutions. More than 300 companies around the world, including Salesforce.com, Symantec, Royal Mail Group, Ideal Living, and Amway New Zealand trust LiveOps’ technology to enable effective multichannel, social and mobile interactions with their customers. LiveOps' award-winning platform has processed more than 1 Billion minutes of customer interactions and managed operations for the largest US-based cloud contact center of 20,000 home-based, independent agents. With 10+ years of cloud experience LiveOps is the partner of choice for companies wanting to migrate to the cloud. Headquartered in Redwood City, California with European regional headquarters in London, LiveOps supports a wide range of industries including retail, financial, health care, insurance, and high tech. For more information, visit www.LiveOps.com.
Rory Schaff, McGrath/Power Public Relations for LiveOps
LiveOps is a registered trademark of LiveOps, Inc. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.