Cyara Achieves 35% YoY Growth, Expands Partnership Network Following $350 Million Private Equity Investment
Cyara, provider of the award-winning Automated Customer Experience (CX) Assurance Platform, today announced that it closed the first half of its 2022 fiscal year with 35% growth in product bookings, a 93% customer retention rate and 10 billion+ seconds of synthetic CX testing traffic annually. The news follows Cyara's $350 million strategic growth investment in January from leading investment firm K1 Investment Management (K1).
In the first half of FY22, the company also formed a strategic partnership with government IT solutions provider, Carahsoft, to deliver CX assurance to the public sector, in addition to new partnerships with ConvergeOne and Waterfield. In the fall of 2021, Cyara launched LiveVQ, an innovative CX assurance product that assures voice quality for remote and at-home agents.
"Today, consumers and businesses rely primarily on digital interaction, so the contact center has become the new storefront for many organizations. As a result, the customer experience that contact centers provide directly impacts customer retention and sales," said Alok Kulkarni, CEO of Cyara. "Ensuring all customer communication channels operate seamlessly affects the bottom line, which is why automated CX testing and quality assurance is paramount for every business."
Global Expansion & Growth
Cyara is the leader in the contact center testing market, which Forrester estimates will reach US $6.5 billion by 2024.1 In January 2022, Cyara received over $350 million in funding from K1 to support accelerated growth, driving further expansion of the contact testing market. The firm's experience with business-to-business (B2B) SaaS and its focus on high-growth enterprise software companies makes K1 an ideal partner for Cyara.
In the first half of FY 22, Cyara saw significant growth across the globe, acquiring new customers from industries including healthcare, manufacturing, utilities, insurance, financial, technology, government and pharmaceuticals. Today, more than 250 high-profile global brands trust Cyara's SaaS Platform to monitor and manage CX technology, which enables them to deliver stellar experiences for customers.
To keep up with customer growth, Cyara is hiring globally at many levels, and recently appointed seasoned executive Jeremy Braidish as Chief People Officer (CPO) to leadthe charge. Jeremy brings 20+ years of human resources (HR) experience to drive Cyara's global HR functions and strategy, in addition to talent acquisition and development. In addition, Cyara added Ajay Dawar, an experienced product strategist and leader with two decades of experience, as Sr. Vice President of Products to direct Cyara's next phase of product growth and innovation.
New Features & Services
To meet the demands of remote work and address the needs of helping technical teams support work-from-home contact center agents, Cyara launched LiveVQ - a new product that provides enterprises with real-time voice quality and connectivity monitoring regardless of agent location. If there is a technical issue during a customer call, LiveVQ provides automatic alerts paired with detailed diagnostics that help to eliminate lengthy root-cause analysis and accelerate resolution. With LiveVQ, IT teams can support agents efficiently so they can get back to taking calls, making sales and building brand loyalty.
Additionally, Cyara unveiled a concierge-style white-glove service called Toll-Free Fast Check that automates the once-manual, labor-intensive task of managing and testing toll-free numbers (TFNs). Especially for enterprises with thousands of TFNs, this new service saves time and effort while building brand reputation through better customer experiences. And, for industries like healthcare, Toll-Free Fast Check is an automatic way to mitigate the risk of having to pay regulatory fines for inactive or defective TFNs.
Complementing these new offerings, Cyara added enhanced virtual agent testing and support for additional contact center platforms like Cisco 12.5, Cisco Finesse, NICE CXone and Genesys Engage 9.0 to strengthen these partnerships and extend compatibility with widely used contact center platforms.
Industry Recognition & Accolades
The growing adoption and continued success of Cyara's Automated CX Assurance platform have been recognized in multiple industry awards and certifications, as well as customer satisfaction ratings, including:
Visit cyara.com for more information on Cyara LiveVQ and the Cyara Automated CX Assurance Platform. Attending Enterprise Connect in Orlando, March 21-24? Visit Cyara's booth (#1641) in person, or register online to visit Cyara's virtual booth.
To learn about careers at Cyara, please visit: https://cyara.com/careers/
As the world's leading Automated CX Assurance platform provider, Cyara accelerates the delivery of flawless customer journeys across digital and voice channels while reducing the risk of customer-facing defects. Every day, the most recognizable brands in the world trust the Cyara Platform to deliver customer smiles at scale. For more information, please visit cyara.com.
About Cyara's Automated CX Assurance Platform
The Cyara Automated CX Assurance Platform is used by some of the world's top brands to automate and accelerate testing of the CX they deliver, measure and optimize the quality of digital and voice channels, and then assure flawless omnichannel customer journeys from beginning to end. CX experts use Cyara's cloud-based platform to define customer journeys that Cyara's automated bots engage with by testing the network, applications, and even back-end data systems that power those journeys. Any issues that a customer may experience in how those journeys perform are identified so organizations can resolve them before they impact a customer.
1 Forrester Market Insight Study on CFTA for Contact Centers: Market Insight Study, a commissioned study conducted by Forrester Consulting on behalf of Cyara, November 24, 2021.