US customer service giant NiCE has paid almost $1bn to acquire Dusseldorf-based Cognigy in what is Europe’s biggest AI acquisition to date.
The move is the latest in a string of deals struck by American industry leaders scooping up promising European tech companies. Last summer, US chipmaker AMD bought Finland’s Silo AI for $665m. In May this year, tech giant Salesforce acquired London-based Convergence for an estimated $200m.
Founded in 2016, Cognigy uses conversational and agentic AI to improve customer service. Prior to the acquisition, the company had raised more than $150m from investors such as Eurazeo, DN Capital and Insight Partners.
Cognigy’s customers include major international corporations like food and drink giant Nestlé, aviation group Lufthansa and carmakers Mercedes-Benz and Toyota.
CEO Philipp Heltewig says the deal marks an “exciting new chapter” for Cognigy, praising DN Capital as the company’s first institutional investor. “DN Capital recognised the potential in our AI solutions from the early days and have been instrumental in helping achieve our global ambition.”
In a statement issued on Monday, Eurazeo said it had “played a key advisory role in preparing the company for strategic growth and eventual exit”.
The deal remains subject to regulatory approval and other customary closing conditions, the statement said.
Read the orginal article: https://sifted.eu/articles/cognigy-sells-for-almost-1bn-in-europes-biggest-ai-acquisition-yet/
