NewSpring Growth Capital made a $20 million investment in Interactions, a speech and natural language technology provider, along with Comcast Ventures and Revolution Growth. NewSpring is the dedicated growth and expansion stage fund of NewSpring Capital, a family of private equity funds focused in the Mid-Atlantic region.
Radnor, PA – August 10, 2016 – NewSpring Capital, a family of private equity funds providing growth and expansion capital, announced today that NewSpring Growth Capital (“NewSpring”), the Firm’s dedicated growth and expansion stage fund, has made a $20 million investment in Interactions (or “the Company”), along with Comcast Ventures and Revolution Growth. Proceeds from the capital raise will fuel rapid expansion of the Company to meet heightened demand and further developments in artificial intelligence technology that is transforming the multi-billion-dollar customer care industry.
Interactions’ technology is used by Fortune 500 companies worldwide to provide innovative products and solutions designed for the next generation of customer care. The Company was founded on the belief that the combination of technology and human intelligence could improve the way businesses and their customers communicate. Interactions’ Intelligent Virtual Assistant solutions and best-in-class Curo™ Speech and Language Platform expand what is possible in multichannel customer care by enabling businesses and consumers to effortlessly conduct complex transactions without interacting with a live agent. As a result, businesses save on operational costs while providing an enhanced customer experience.
“NewSpring is excited to join Comcast Ventures and Revolution Growth as investors in this exceptional company,” said Mike DiPiano, NewSpring Managing Partner. “Interactions’ revolutionary technology has led to impressive growth and, most importantly, thrilled customers. Mike Iacobucci has built a spectacular leadership team and we look forward to partnering with Interactions as they continue to exceed expectations.”
“We are extremely pleased to have the backing and influence of Comcast Ventures, NewSpring Capital, and Revolution Growth to continue to propel us forward,” said Mike Iacobucci, CEO of Interactions. “Interactions is experiencing widespread, growing demand for its speech and natural language offerings. In order to meet this demand, we’re making strategic investments to advance our core artificial intelligence technology, further global expansion efforts, and strengthen the Company’s marketing and sales efforts.”
As part of the transaction, Mike DiPiano of NewSpring Capital will join Interactions’ Board of Directors.
Interactions is a leading provider of speech and natural language technology that enables businesses and consumers to engage in productive conversations. With flexible products and solutions designed to meet the growing demand for unified, multichannel customer care, Interactions is delivering significant cost savings and unprecedented customer experience for some of the largest brands in the world. Founded in 2004, Interactions is headquartered in Franklin, Massachusetts with additional offices in Indiana, Texas, New Jersey and New York. For more information, visit www.interactions.com.
About NewSpring Capital
NewSpring Capital is a leading provider of private equity capital focused in the Mid-Atlantic region. The Firm manages over $1billion across four distinct strategies covering the spectrum from growth equity and control buyouts to equity and mezzanine debt. NewSpring Capital combines deep operating knowledge with financial and investing expertise to provide growing companies the financial resources, advice, network of contacts and strategic partnerships necessary to develop their businesses into market leaders. This philosophy has been a key tenet of NewSpring Capital’s approach and the success of its current and former portfolio companies demonstrates the Firm’s commitment. To learn more about NewSpring Capital, please visit www.newspringcapital.com.