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Friday, April 19, 2024

Sweden’s Netigate and Finland’s Lumoa combine forces for enhanced feedback analysis in Europe

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Lumoa, a customer experience platform based in Helsinki, Finland, has been acquired by Netigate, an experience management solutions provider headquartered in Stockholm, Sweden. This acquisition is a significant development for Lumoa, known for its innovative Generative AI technology, as it merges with Netigate to enhance feedback analysis and decision-making capabilities for businesses across Europe. With a combined customer base of over 1,500, including brands like Santander, Circle K, Credit Euro Bank, and Spotify, the new entity will operate from various locations across Europe, including regional offices in Berlin, Frankfurt, Warsaw, and Oslo. The acquisition reflects a strategic move to improve the utilization of customer feedback, with Lumoa’s expertise complementing Netigate’s offerings. Supported by Netigate’s strategic investment from GRO Capital in 2022, this acquisition is expected to impact experience management practices in Europe and beyond.

Every day, companies are collecting multi-channel feedback that could be better utilised with deeper qualitative analysis. Both Netigate and Lumoa realised that to solve this challenge, collection methods must be combined with the best analysis to provide a true understanding of the feedback giver’s state of mind. Then this information needs to be shared in a way that provides individuals or whole organizations with real-time access to support meaningful actions and decisions.

“This acquisition is a fantastic step towards realising our mission to inspire actions through authentic understanding of people,” said Mikkel Drucker, CEO of Netigate. “By bringing together Lumoa’s AI and CX knowledge with Netigate’s advanced feedback management solutions, we are setting a new standard for how companies all across Europe can leverage customer and employee feedback to build sustainable growth and happiness.”

Together, Netigate and Lumoa are uniquely positioned to offer companies the most advanced technology – including Generative AI tools that make customers’ and employees’ voices heard – while at the same time complying with European laws on data usage and processing.

“Joining forces with Netigate accelerates our mission to empower every employee to make the right decision based on the voice of their customers,” said Carlos Del Corral, CEO of Lumoa. “Together, we can now broaden the focus from customer experience to total experience while also leading the way in data security and privacy, committing to all European regulations and guaranteeing your data will not be transferred or processed outside of the European Union.”

In 2022, Netigate received a major strategic investment from GRO Capital, the leading North European (private equity) fund with a focus on B2B software. Their research estimates that the market for EX and CX software will grow to over 10 billion USD in the EU by 2027.

“This partnership between Netigate and Lumoa is a great example of our investment philosophy of supporting companies that are poised for growth and ready to define the future of their industries,” remarked Lars Lunde, Partner at GRO Capital. “We are excited to see how the combined platform will change experience management in Europe and beyond.”

Click here to read more M&A news.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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