Yext to Expand Digital Marketing Platform With Hearsay Systems Acquisition
Yext plans to acquire Hearsay Systems, saying the move will create a single digital marketing platform to power the customer journey and accelerate brands’ conversion of prospects into loyal customers.
The acquisition will add Hearsay Systems’ compliant engagement solutions across social media, websites, text and voice to Yext’s digital presence management platform, the companies said in a Monday (June 10) press release.
Subject to customary closing conditions, the transaction is expected to close by Jan. 31, 2025, according to the release.
“Customers are increasingly looking to consolidate digital marketing channels into one platform to increase efficiency, improve performance and reduce costs,” Michael Walrath, CEO and chair of the board at Yext, said in the release. “Yext already provides access to more channels than any other provider. With Hearsay Systems, we’ll provide even more ways for brands to connect with their customers one-to-one.”
Yext’s platform encompasses search engine optimization (SEO), website, social media and reputation management, enabling brands to deliver consistent experiences and connect with customers across the digital world, according to the release.
Hearsay Systems’ solutions are designed for financial firms, are compliance-driven, and help firms scale their reach, optimize customer engagements, grow their business and optimize their customer service, the release said.
With these solutions combined as planned, brands will be able to access more channels on one platform and leverage consolidated analytics to improve performance, per the release.
“We are excited to provide an expanded solution set to our customers and introduce Hearsay solutions to customers across additional industries,” Michael Boese, CEO at Hearsay Systems, said in the release. “We’ve only just begun to see the opportunities for AI [artificial intelligence] in digital marketing. By combining our resources and technology with Yext, we’ll be able to deliver even more value to brands as they look to leverage the power of AI.”
This news comes three days after it was reported that Yext was considering a sale and had hired investment bankers after attracting takeover interest.
The company is only in the early stages of exploring a sale and it may choose not to proceed with any deal, Reuters reported Friday (June 7).
Reached by PYMNTS on Friday, Yext declined to comment on the report.
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