Interactions Achieves Record Sales, Revenue and Profitability in 2018 with Rapidly Growing Adoption of its Market-leading Conversational AI Solution
FRANKLIN, Mass., Jan. 29, 2019 (GLOBE NEWSWIRE) -- Today, Interactions LLC, the world’s largest stand-alone artificial intelligence (AI) company, announced record revenue, sales growth and profitability for 2018. Strong adoption of the company’s conversational Intelligent Virtual Assistant (IVA) solutions by leading global brands across industries, as well as the dynamic development of Interactions’ omnichannel capabilities that support conversations across channels, are driving the company’s growth.
With AI-derived business value forecast to reach $3.9 trillion in 2022, the industry is on track to revolutionize the way consumers and businesses communicate. From hospitality to financial services, industries are reaping the benefits of AI technology, with early adopters quickly gaining market share. Interactions’ growth reflects the business value delivered by AI as more companies recognize the impact it can have on their bottom lines.
In 2018, Interactions continued to distinguish itself through rapid expansion and growth from existing customers, formed a number of new partnerships and received widespread industry recognition. As executives place greater emphasis on customer experience as a competitive differentiator, they’re looking to Interactions’ conversational AI solution to support customer engagement.
In addition to scaling the business to $100 million dollars in revenue, the company:
-- Secured nearly $50 million of new annualized recurring revenue (ARR) -- Achieved positive EBITDA in Q3 of 2018 -- Posted a 5-year compound annual growth rate (CAGR) of nearly 45% -- Enhanced employee benefits including an increased 401(k) match and cash bonus for all employees, while continuing outstanding health benefits and perks -- Approved 2019 growth plans that anticipate hiring 150 new employees
Adoption of Interactions’ conversational AI accelerates with leading global brandsIn 2018, Interactions expanded existing relationships with existing customers by booking significant add-on business, while signing multi-million dollar agreements with new global brands, including:
-- A leading global financial services firm -- Multiple large North American food services chains -- One of the world’s largest retail banking firms -- A federal government agency -- A global cruise line -- Multiple global online retailers -- Collections firms in North America and Europe -- Multiple North American insurance companies
Interactions expands leadership team to drive market growthAs the company is embarking on its next phase of customer expansion, Interactions welcomed Bruce Bowden as Chief Financial Officer from Nokia and most recently Nuance Communications; Dave Rennyson, a veteran of MicroStrategy, as Chief Revenue Officer; and James Freeze from Aspect Software as Chief Marketing Officer. The newest additions to the executive board bring a wealth of industry experience that will help lead the company into the next stage of its growth.
Interactions receives widespread industry acclaim for its innovations in Conversational AI Throughout 2018, Interactions received seven awards and four finalist nods for its industry-leading IVA. Recognition includes a ranking on Inc. 5000 ’s annual list of America’s fastest growing businesses, the “Best Intelligent Assistant Innovation” award from The AIConics, and Gold Winner in the Enterprise Product of the Year category for the Best in Biz Awards.
“As the adoption of conversational AI in every corner of the enterprise arena picks up pace, we’re thrilled to help companies think differently about how they engage with customers and the value that AI, speech, language and text technologies can offer,” said Mike Iacobucci, CEO of Interactions. “Interactions is enabling business transformation by building conversational and engaging customer experiences, a strategy that’s becoming widely recognized as a crucial differentiator. Businesses that continuously learn from customers and adjust their strategies accordingly will be the ones that assert themselves as leaders – Interactions exists to help enable the conversations that can make that happen.”
About InteractionsInteractions provides Intelligent Virtual Assistants that seamlessly assimilate conversational AI and human understanding to enable businesses to engage with their customers in highly productive and satisfying conversations. With flexible products and solutions designed to meet the growing demand for unified, omnichannel customer care, Interactions is delivering unprecedented improvements in the customer experience and significant cost savings for some of the largest brands in the world. Founded in 2004, Interactions is headquartered in Franklin, Massachusetts with additional offices worldwide. For more information, visit www.interactions.com.
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