Capillary Technologies, a customer loyalty and engagement solutions provider, has acquired Minneapolis-based customer experience (CX) company Persuade for an undisclosed amount.
This is Capillary's first acquisition in the US and fourth globally, it said on Tuesday.
Previously, the company had acquired Martjack and Cloud Cherry (in 2015), Sellerworx and WebEngage in 2016.
Aneesh Reddy, co-founder and CEO of Capillary Technologies, said the acquisition of Persuade -- a brand with over 30 years of expertise -- further extends the company's presence in North America and strengthens its position as the global customer loyalty and engagement leader.
He added that the acquisition will help Capillary scale up its presence in the US and drive a larger share of revenues from the geography.
Persuade's expertise in digital capabilities and its advanced loyalty platform will also complement Capillary's capabilities to raise the bar of customer loyalty programs and deliver solutions for new verticals like airlines, automotive, and healthcare benefiting customers across the globe.
"Persuade is a highly profitable company serving several Fortune 500 brands and having grown 300 per cent in CY2020 and already surpassing its CY2020 revenues during the first six months of CY2021," Reddy added.
He said Persuade's founders John Tschida and Bill Jansen bring a deep understanding of customer loyalty with many decades of combined experience in the loyalty management space.
"They have crystalised their knowledge by building four highly successful loyalty companies including Persuade. Their team of seasoned professionals have built a world class portfolio of prestigious customers. Together, Persuade and Capillary strive for excellence in the global loyalty space," Reddy said.
Capillary's AI-powered SaaS (software as a service) platform drives consistent business growth and works with hundreds of brands across multiple industries including apparel and fashion, luxury and lifestyle, food and beverage, supermarkets, hospitality, retail, and consumer goods and durables.
Founded in 2008, Capillary works with companies like GSK, HP, Aditya Birla Fashion, Arvind Group, Asics, PUMA, KFC, Pizza Hut, VF Corporation, Jotun, Corteva and Landmark Group, among others.
Capillary is backed by Warburg Pincus, Sequoia Capital, Avataar Capital, and Filter Capital.
Post-pandemic, companies globally are reinventing loyalty strategies, and this involves adapting to the meteoric growth in digital and online customers sparked by rolling lockdowns and less accessible brick-and-mortar business.
The Persuade acquisition enables Capillary to turbocharge curated actionable insights across the customer's entire journey for both in-store and online experiences, it added.