Yext to Acquire Hearsay Systems

Yext, providers of a digital presence platform for multi-location companies, will acquire Hearsay Systems, a provider of digital client engagement for financial services, for $125 million and up to an additional $95 million if certain performance targets are achieved.

The acquisition will combine Yext's digital presence management platform with Hearsay's engagement solutions across social media, websites, text, and voice to provide a single digital marketing platform to power the customer journey and convert prospects into loyal customers faster.

Combined with Yext's suite of products and AI technology, companies can access more channels in one platform and leverage consolidated analytics and recommendations to improve performance across channels.

"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 Walrath, Yext's CEO and chairman of the board, said in a statement. "Our combined technology will bring instant value to our regulated customers, and we see an opportunity to bring these solutions to other industries. Yext is focused on solving customer problems, and with Hearsay, we can bring the innovation they need faster."

"Hearsay Systems has a long history of innovation for financial services, building transformational client engagement solutions and successfully bringing AI to a highly regulated industry. We are excited to provide an expanded solution set to our customers and introduce Hearsay solutions to customers across additional industries," said Michael Boese, CEO of Hearsay Systems, in a statement. "We've only just begun to see the opportunities for AI in digital marketing. By combining our resources and technology with Yext, we'll be able to deliver even more value to brands as they look to leverage the power of AI."