Cyara has announced it has received more than AU $485 million from K1 Investment Management (K1).
Co-founded in Melbourne, Australia, in 2006 by CEO Alok Kulkarni, CTO Luan Tran and Executive Director Bonny Malik, Cyara is estimated by Forrester to reach AU $9 billion (US $6.5 billion) by 20241.
Alok Kulkarni, CEO of Cyara said, “Cyara was founded with a vision to improve customer experience, and we’re delighted to have found a partner in K1 that is committed to the same values and wants to accelerate our growth aspirations. Organisations can succeed or fail based on their customer experience. More companies are realizing the business-critical nature of the work we do and we’re excited to have the firepower to grow and continue to attract the best people globally. We’re at the beginning of a very exciting new chapter.”
Roy Liao, Principal at K1 said, “Cyara provides mission critical software and is led by a visionary management team. We look forward to supporting Alok and the management team to execute on their growth strategy and further cement their position as the category leader in automated customer experience.”
Alex Kocher, Head of Technology and Assisted Channels at National Australia Bank (NAB), said, “NAB has worked collaboratively with Cyara for over 10 years. The visibility they provide, in terms of agent voice quality and connectivity issues, means we can diagnose problems before they occur. We can get ahead of any disruption to our customer experience and really support our front-line staff, wherever the agent or banker is based.”
Peakspan will continue in its capacity as a minority shareholder. Cowen acted as lead financial advisor and placement agent to Cyara on the transaction. Morgan Stanley Australia also acted as financial advisor to Cyara’s board on the transaction.