Irish data analytics company Boxever has been acquired in a multimillion-euro deal by US customer experience software developer Sitecore. The buyer plans to increase headcount following completion of the deal.
The move comes after San Francisco-headquartered Sitecore last month announced a $1.2 billion investment to accelerate growth.
Sitecore announced the deal as it also revealed it has acquired Minneapolis-based Four51.
No financial details have been disclosed but early investors in Boxever, which include Dublin-based Frontline Ventures, are believed to be happy with the return they have made on their investment.
Sitecore chief executive Steve Tzikakis said the company expects to invest and grow Boxever's headquarters.
Boxever has developed a big data and personalisation platform that is predominantly used by airlines. However, in recent years, the company has sought to expand beyond the travel sector, scoring its first banking customer in April 2019 with a deal with AIB. Other clients include Ryanair, Aer Lingus, Emirates, Flybe and Jetstar.
Founded by Dave O'Flanagan, Alan Giles and Dermot O'Connor in late 2011, Boxever's technology uses artificial intelligence and machine learning to help brands engage more effectively with customers by providing a more personalised experience.
“Joining forces with Sitecore creates a disruptive proposition that will redefine what’s possible for the industry, enabling organisations of all sizes to create seamless, data-driven experiences in any channel,” said Mr O’Flanagan, Boxever’s chief executive.
Boxever has raised more than $20 million to date from investors that also include Polaris Partners, Delta Partners and Silicon Valley Bank. It employs about 70 people, most of whom are in Dublin.
Boxever, which recently reported a €4.8 million loss in 2019, agreed a new funding deal with Silicon Valley Bank last year which it expected to draw down in early 2021. This came as the company sought to cope with the impact of the coronavirus pandemic as well as invest in headcount and further expansion in the US.
“We’re proud of what we’ve accomplished at Boxever through the contribution of our employees and partners, and we’re looking forward to this next chapter,” said Mr O’Flanagan.
Founded in 2001 and acquired by equity firm EQT in a $1.14 billion deal in 2016, Sitecore has recorded record revenues over the last three quarters, with the pandemic seeing more organisations rush online. Its clients include American Express, ASOS, Kimberly-Clark, L'Oréal and Volvo Cars.
Sitecore works with more than a third of the Fortune 100 and close to half of the S&P Global 100 and Dow Jones Global Titans. It also supports three of the top 10 retailers in the world, 16 of the 18 largest financial brands, half of the largest healthcare groups, and six of the 10 largest car manufacturers.
Mr Tzikakis, who joined the company last year after previously serving as president of SAP's South Europe, Middle East, and Africa region, said he was thrilled to welcome Boxever to the group.