InMoment and MaritzCX to merge

Merger aiming to create the world’s largest enterprise CX technology company

InMoment is merging with MaritzCX in a deal aiming to create the world’s largest enterprise customer experience technology company.

The pair see customer experience (CX) as increasingly being the differentiator for brands moving into the future, and hope bringing together the best of both organisations will make a significant difference to its clients’ CX efforts.

MaritzCX managing director for APAC, David Blakers, told CMO the organisations are very excited about the merger.

“For our clients, what it means is we're able to bring the best of both organisations to market. Each of the organisations individually was really strong in certain industry verticals, so it gives us a really broad coverage,” he said.

“The merits of our client success framework, and our partnership approach, has been recognised in the industry. So taking that capability and combining it with this brand new XI Platform InMoment has just released is going to be so exciting, because within the industry, a lot of organisations have started the journey around building customer experience-led strategy and are becoming more customer-centric.

“Yet, many are struggling to really move the needle, because they have some quick wins and they get a measurement framework in place to start to get a view of customer feedback and staff feedback. But they're really unable to democratise those insights out across the organisation and start to affect change. And that's what we're going to specifically be able to solve, I think, with this combined capability.”

InMoment offers an experience intelligence (XI) platform, while MaritzCX, a subsidiary of Maritz Holdings with clients include, Medibank, Foxtel, Australia Post, Rest Super, BNZ, Spark NZ and Jax Tyres, is a CX technology, research and consulting provider. 

With 86 per cent of brands failing to fully benefit from CX investment, it is hoped the combination of InMoment’s technology and MaritzCX strategic services provides brands with a definitive solution to identify clear areas of improvement and deliver business results from experience efforts, the companies said. 

Blakers suggested most companies end up only using 10 or 20 per cent of the capability of the device or the platform they've acquired.

“This is why the combined offering so exciting, because technology alone isn't the answer," Blakers continued. "If you think about what the opportunity leaders in this space are capitalising on, it's giving them a strategic advantage because they're able to see and understand the experiences they're delivering across every channel, every moment in the customer journey, and act on that in real time.

“So having the view of that is one thing, but having the ability to take real-time action? That’s something else. There's a big change management piece in this. So that's where the partnership and the program support comes into its own. A lot of businesses have just bought technology and have only been able to move the needle so far, because they haven't had that support around best practice on governance, best practice on driving engagement with the frontline. There is both an art and science that goes into building a brand new capability across the entire organisation." 

Blakers saw massive growth in the CX space moving in to the future, and noted investor into the merger, Madison Dearborn Partners, has invested billions in this space.

“The start will be enhancing what we're doing around customer experience and employee experience, and the end game will be continuing to do that but evolving into operational and financial data,"  he said. "So a business is reading the signals from any information its getting back from customers and staff, through solicited feedback, but marrying that up with all the different sources of unsolicited feedback, and operational data, to truly give businesses the ability to focus on impact." 

Blakers said InMoment’s cloud-native XI Platform is engineered with data science, big data and AI at the core, and specifically architected to harness intelligence from across the entire experience ecosystem.

"This is going to allow us to handle both huge volumes of data, but also to handle unstructured data in a way that's not been possible before," he explained. “I think there's lots of legacy platform providers that do pieces of what we do, but if you think about the combined offering in terms of the expanded platform and the services model we have, there isn't anyone that's got that combined capability set, nor the scale. This is the exciting thing.”

With CX becoming more important as a brand differentiator, the new combined entity will have a global presence of 1000 CX professionals serving more than 2000 of the world’s leading brands in automotive, financial services, retail, hospitality and other key growing market verticals worldwide.

The merger of two CX giants, both named industry leaders in the recent Forrester Wave 2020 report, will benefit the Australian market with over 80 employees, and the wider APAC market with job creation across new offices in Sydney, Singapore and Shanghai; as well as an existing office in Melbourne. 

“In this world of rising consumer expectations, it is imperative for businesses to have an experience program that can continuously monitor, understand, analyse, and improve the total customer experience with true agility,” InMoment CEO, Andrew Joiner, said.

Joiner will lead the combined organisation as CEO, and John Lewis will continue to chair the board of directors. Leadership from both organisations is represented on the combined leadership team. It is expected MaritzCX will operate as MaritzCX, an InMoment company, for a period of time, before simply becoming InMoment.

The transaction is expected to close in early March 2020 and financial details have not been disclosed.

"The CX industry in Australia is at a pivotal point. In the past, businesses have relied heavily on survey tools and other technologies to try and improve the experiences of their customers. Going beyond surveys to tap into the true voice of the customer, however, requires a distinctive blend of technology and services that is not offered today.

“We are bringing together two world-class companies that will deliver a truly unique value to our clients in their ongoing quest to win over customers.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, follow our regular updates via CMO Australia's Linkedin company page, or join us on Facebook: https://www.facebook.com/CMOAustralia.   

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