Financial terms of the deal were not disclosed. Cogno AI is Axotel’s second M&A deal
Since absorbing Ameyo in June this year, company
raised $35 million in a Series C funding round in September.
Cogno AI works with approximately 60 customers in the Banking, Financial Services and Insurance (BFSI) sector including State Bank of India, HDFC Bank and ICICI Group. This will help Axotel add conversational AI and co-browsing capabilities to its full-stack suite.
“With the acquisition of Cogno AI, we have brought conversational AI into the mix. Customers will now have access to nearly 60% of all customer-engagement channels through us,” said Axotel co-founder and CEO Shivakumar Ganesan said. “This gives us a step towards becoming a full-stack customer engagement platform.” Cogno AI’s 100-member team will join Axotel, he said, and will continue to focus on building the chat product as the company continues to grow at nearly 200% year-on-year. In addition to BFSI, Cogno is now expanding into ecommerce, retail and education.
Companies under the purview of Axotel will now offer cross-sell solutions to each other’s customers, integrating their customer engagement channels and thereby pushing them to use a unified solution.
Cogno AI cofounder Aman Goel said, “We started with chatbots as our primary offering four years ago, and then added more customer engagement-related offerings to our suite.” “We see tremendous synergy with Xotel and ameyo, and through the combination, we can bring great added value to our customers.”
Axotel, Ameo and Cogno now have a combined annual revenue run rate of approximately $50 million, growing at nearly 70% year-over-year. The company said it plans to grow to about $200 million in ARR over the next three years, driven by expansion into markets such as the Middle East and Southeast Asia.