The Herzliya based company harnesses artificial intelligence and patented natural language processing technologies for self service solutions.
US SaaS company LogMeIn Inc. (Nasdaq: LOGM) today announced that it has agreed to acquire Israeli chatbot company Nanorep for $45 million, and a further potential $5 million in milestone payments over two years.
Headquartered in Herzliya, Nanorep is a digital self-service, chatbot and virtual assistant company, which harnesses artificial intelligence and patented natural language processing technologies to create solutions that make self-service more engaging and intuitive. Nanorep has over 200 customers including Intuit, FedEx, Toys "R" Us, Royal Bank of Scotland, IKEA and Vodafone.
Nanorep was founded in 2009 by CTO Amit Ben Shahar, Aviv Dror, Doron Herzlich and Ofer David. The company has raised $11 million with JAL Ventures owning a 23% stake. Other investors include Gigi Levy, Titanium, OurCrowd, Oryzn and iAngels. Nanorep has 50 employees.
Following LogMeIn's recent release of its new intelligent customer engagement platform, Bold360, the Nanorep acquisition represents another step forward in LogMeIn's attempts to empower companies to deliver more human, personalized and intelligent customer engagement.
LogMeIn CEO Bill Wagner said, "Artificial intelligence is changing the way we interact with our favorite brands and will play a critical role in the future of customer engagement. With Nanorep, we gain proven technology and AI expertise that expands our Bold360 offering, accelerates our customer engagement vision and provides a natural path for us to leverage these emerging technologies across our entire portfolio. We believe in the ability of technology to unlock the potential of the modern workforce and with the addition of Nanorep we are going to be able to deliver solutions that will help our customers achieve the next generation of humanized and personalized customer service."
Nanorep CEO Eli Campo said, "LogMeIn and Nanorep share a common vision for the future of customer engagement, and that is one predicated on providing personalized, human experiences that can simultaneously boost customer satisfaction while reducing costs. This is not only a natural fit, but an immediate win for our respective customers. By adding our expertise in artificial intelligence to the already strong customer engagement and support proficiency of LogMeIn, we believe that we will be able to create the tools and solutions that customer support teams will want to have in their arsenal now and in the future."