As the conversational AI market surges forward, a continuing wave of blue chip brands choose Interactions’ market-leading solutions to transform their customer experience
FRANKLIN, Mass., Feb. 19, 2020 (GLOBE NEWSWIRE) — Today, Interactions LLC, the world’s largest stand-alone artificial intelligence (AI) company, announces record revenue for 2019. Strong adoption of the company’s conversational Intelligent Virtual Assistant (IVA) solutions by leading global brands across numerous industries, coupled with enterprise mandates for digital transformation, continue to drive the company’s growth and success.
As the AI market matures, the $100 billion industry is revolutionizing the way consumers and businesses communicate. From travel to telecommunications to financial services, industries are reaping the benefits of conversational AI technology, with early adopters quickly gaining market share. Interactions’ growth reflects the business value delivered by its patented conversational AI platform: materially improved customer experience and significantly reduced operating costs.
In 2019, Interactions continued to distinguish itself through the addition of new Fortune 1000 customers, the growth of existing customers, and widespread industry recognition and awards. As executives place greater emphasis on customer experience as a competitive brand differentiator, they look to Interactions’ conversational AI solution to positively transform the way they communicate with and support their customers.
In addition to scaling the business to well over $100 million dollars in revenue, the company:
- Secured approximately $34 million of new annualized recurring revenue (ARR)
- Maintained positive EBITDA for 2019
- Posted a 5-year compound annual growth rate (CAGR) of over 35%
- Increased the employee base by over 25%
- Added a new international office in Bengaluru, India
Other highlights include:
Adoption of Interactions’ conversational AI expands with leading global brands across verticals
In 2019, Interactions expanded existing relationships with customers by booking significant add-on business, while signing multi-million dollar agreements with leading global brands, including:
- A leading global healthcare and pharmaceutical firm
- A leading telecommunications and media company
- Multiple accounts receivable management companies
- A leading global internet services firm
- A leading travel services firm
Interactions launches Guest Experience Platform (GXP) for food services
In July, Interactions unveiled the Guest Experience Platform (GXP), a brand new product designed for the unique needs of the food services industry—an industry otherwise largely untouched by AI. This year, the company signed one of the largest fast-casual food chains in the United States. Already, Interactions GXP has driven tremendous business results for this leading brand, fielding 3 million orders across 2,600 locations nationwide, and helping bring in $12 million in additional revenue to date.
Interactions expands leadership team to drive local and international market growth
In 2019, Interactions welcomed Mary Clermont as Chief People Officer, Errol Apostopoulos as Senior Vice President of Product Management, and Gautam Makhija as Senior Vice President of Professional Services. The company also brought on Thomas Grimm to lead the European team and expand the company’s international presence and customer base. Backed by tremendous industry knowledge and seasoned leadership, Interactions is positioned for continued success and growth in 2020.
Interactions receives widespread industry acclaim for AI technology and continued innovation
Throughout 2019, Interactions received eight awards and nine finalist nods for both its industry-leading IVA and all new GXP for food services. Recognition includes a finalist nod from Forbes AI 50 list of America’s most promising artificial intelligence companies, a ranking on Inc. 5000’s annual list of America’s fastest growing businesses for the second year in a row, and most recently a Best in Biz Awards Gold Winner for Best New Enterprise Product of the Year.
Further cementing its place as a recognized industry leader last year, Interactions introduced The ConversAItion, a new podcast airing viewpoints on the most contested issues surrounding AI advancement. Hosted by Interactions Chief Marketing Officer Jim Freeze, the company’s first-ever podcast welcomed guests from innovation policy to voice design to social robotics, and aims to better understand how to maximize the potential of applied AI.
“With the rapid advancement of conversational artificial intelligence (AI), businesses are interacting with customers unlike ever before,” said Mike Iacobucci, CEO of Interactions. “Interactions’ virtual assistants are growing in sophistication, ease and accuracy to deliver the engaging, productive conversations that customers have come to expect from human engagements. Businesses that continuously evolve to meet the ever-growing needs and demands of the modern consumer are poised to set a new standard for brand-to-consumer relations—Interactions’ mission is to ensure that standard is upheld.”