Snap Acquiring AI Customer-support Tech Firm for $120M - Reports

11/11/20

By Jason Aycock, SeekingAlpha

Snap (SNAP +1.2%) is acquiring Voca.ai, a start-up that builds voice assistants based on artificial intelligence for customer support services, according to reports.

The deal's for $120M ($70M cash, $50M stock), TechCrunch says.

Voca's system is meant to offer natural conversations that handle simple inbound queries but hand off to human agents for more complex issues. In October 2019, it said it was processing about 2M calls a month in verticals including banking, telecoms, insurance and legal services.

Israel-founded Voca.ai has a team of 40 that will be joining Snap, according to TechCrunch. It had raised about $6M.

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